Coinme ATMs Let Anyone Purchase Bitcoin with Cash and Makes Cryptocurrency More Accessible via a Partnership with Coinstar

In a Nutshell: While cryptocurrency aims to democratize the world of finance, those who are underserved or unbanked often cannot access digital currencies. Coinme is making it easier than ever to purchase cryptocurrencies through its Bitcoin ATMs, in partnership with Coinstar. The ubiquitous grocery store kiosks make cash purchases of Bitcoin easy. A Coinme survey revealed that about two-thirds of respondents are using Bitcoin to purchase goods and services or sending Bitcoin abroad to friends and family. Coinme also educates customers through its Private Client service that facilitates Bitcoin transactions higher than $2,500.

One of the major drivers behind the concept of cryptocurrency has always been the democratization of the financial ecosystem. Crypto and its underpinning blockchain technology are meant to take the power away from traditional financial institutions and place it in the hands of the people.

And it does — as long as those people have access to a computer or smartphone, a bank account, and a little technical know-how to navigate the world of crypto.

Maybe cryptocurrency isn’t the great economic leveler after all, but companies like Coinme are working hard to bring it much closer to that ideal with its Bitcoin ATMs that allow people to simply insert cash and purchase crypto.

“Coinme was founded back in 2014,” Sung Woo Choi, Coinme’s VP of Business Operations and Corporate Development. “We were the very first licensed Bitcoin ATM company in the United States. We got our money transmitter license only about three or four months after Coinbase.”

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https://www.cardrates.com/news/coinme-allows-people-to-purchase-bitcoin-with-cash/

Coinstar, the coin counting kiosk maker hosting 3,500 Coinme bitcoin ATMs, is looking to double its cash-for-bitcoin capable supermarket machines.

The doubling would happen "within a year," Vice President of Product Michael Jack told CoinDesk. He said Coinme bitcoin ATM growth "both on a per location and overall basis, has been very strong."

The company already has plans to plug Coinme's exchange API into more kiosks, though Jack did not specify how soon this would happen. Coinstar has a global fleet of nearly 20,000 kiosks, according to its website.

The deliberations come as Coinme lays claim to a veritable accomplishment of the COVID-19 era: It's bringing in new customers, even while other businesses flounder. Coinme CEO Neil Bergquist told CoinDesk that 40% of transactions since late February are by first-timers.

One reason for the surge may be the placement of Coinme bitcoin ATMs almost exclusively in supermarkets and pharmacies, just about the only brick-and-mortar establishments that remained open to consumer foot traffic through COVID-19 lockdowns.

That twist of fate let Coinme "provide uninterrupted access" to customers, Bergquist said.

As panicking shoppers flocked to grocery stores in mid-March on lockdown supply runs, some were apparently also bulking up on crypto: Bitcoin transaction volume at Coinme kiosks is up 40% since late February.

Coinme also saw a “slight uptick” in $1,200 transactions – the same dollar amount as coronavirus stimulus checks sent to Americans by the Treasury Dept. – “although we're not seeing a strong correlation,” Bergquist said.

“The recent increase in sales certainly helped remove any concerns around company performance and durability during the pandemic,” Bergquist said.

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https://www.coindesk.com/coinstar-coinme-pantera-bitcoin-atm-coronavirus-stores

https://www.linkedin.com/company/coinme/