Business 17 October 2018Erik Gibbs
Debit card ATM network in US starts selling crypto
Hundreds of thousands of United States residents just got access to cryptocurrencies, right at their fingertips. Cryptocurrency company LibertyX announced that it has entered into a partnership with Genmega, a fiat ATM supplier in the U.S., to facilitate crypto purchases using debit cards directly through the ATMs. It’s the first time in the U.S. that such an initiative has been undertaken.
Genmega currently has around 100,000 ATMs spread out across the country. With a simple software upgrade, the machines can now be configured with an option that allows a user to purchase cryptos like BTC directly from the ATM and have the currency sent immediately to the user’s cryptocurrency wallet.
The move will be an important advance for cryptocurrency adoption, giving easy access to digital currency to both veterans and new enthusiasts. It will also help provide an additional revenue stream for the ATM operators. According to Wes Dunn, Genmega’s Senior VP, “ATM operators are always looking for ways to grow volume and transactions. We are excited to work with LibertyX on this new initiative that will drive additional foot-traffic to merchant locations and provide added revenue to our operators ‒ ensuring they stay ahead of the market and bring added value to consumers.”
Virtually everyone knows how to operate an ATM. The LibertyX cryptocurrency interface will make BTC purchases as simple as making a cash withdrawal. Chris Yim, LibertyX co-founder and CEO, said that this was the goal all along. He explained, “We have been working tirelessly to make it easier to buy cryptocurrencies for the last five years and now are bringing simplicity, convenience and trust to the cryptocurrency purchasing experience through the timeless ATM.”
The inclusion of cryptocurrencies in traditional cash ATMs is a huge step forward for the cryptocurrency space. Not only does it show that crypto is gaining in popularity, but it indicates the ease with which businesses can begin to interact with digital currency. Following on the success of the crypto integration into ATMs, the next logical step would be to have more point-of-sale systems and retail money outlets embrace the future, as well.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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