 | Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here! |
(Kitco News) - Bitcoin ATM operator Coinhub is looking to help address the issue of crypto de-banking by teaming up with more than 1,000 gas stations and store owners to install new crypto ATMs to allow crypto holders to buy and sell their tokens using cash.
According to a Monday press release from Coinhub, the move comes as the company is seeking to expand its reach and provide more convenience to users while also offering store owners a passive income opportunity in the form of monthly rent payments.
Partnering with gas stations and store owners allows Coinhub to place their ATMs in areas with high visibility and foot traffic, giving users an easy way to buy Bitcoin and other cryptos with cash and avoid the hassles associated with using their bank account or credit card.
For those that prefer more anonymity, the ability to insert cash and receive Bitcoin or one of 25 other cryptocurrencies instantly and securely is an ideal alternative to signing up for an account on an exchange like Coinbase, which has seen increasing scrutiny from regulators.
Coinhub ATMs provide users with step-by-step instructions on how to complete their transactions quickly and easily, and they are able to process transactions at any time of day.
Bitcoin and cryptocurrency ATMs are rapidly becoming a hassle-free option for U.S. citizens to purchase crypto amid a landscape that is becoming increasingly hostile towards the industry.
Along with the recent collapses of Silvergate Bank, Silicon Valley Bank and Signature bank, the ongoing Operation Chokepoint 2.0 has left few reliable banking partners for crypto firms and their users.
The new partnerships signed by Coinhub will see at least 1,000 new ATMs added to the list of operational machines. The company has also embarked on an installation campaign and is calling on store owners to contact Coinhub if they are interested in setting up an ATM at their location.
Data provided by Coin ATM Radar shows that there are currently 28,922 cryptocurrency ATMs operating in the U.S., with more popping up each day as the interest in crypto grows.
Last year, Bitcoin Depot, the world’s largest Bitcoin ATM provider according to Coin ATM Radar, announced that it intended to go public through an $855 million special-purpose acquisition company (SPAC) merger deal with GSR II Meteora (GSRM) that would allow the firm to become a listed company. Once the deal is the company’s official name will be Bitcoin Depot Inc. and it will trade on the NASDAQ under the ticker symbol “BTM.”
|
| Crypto and Bitcoin ATM adoption is highest in countries with large unbanked populations |
While the U.S. dominates when it comes to the number of available crypto ATMs, a study conducted by Tradinbrowser shows that Bitcoin ATM adoption is highest in countries that lack a developed financial infrastructure.
In the U.K., authorities recently started cracking down on the country’s Bitcoin ATM industry nearly a year after it first warned that all such machines operating in Britain were doing so illegally. At the same time, several U.K. banks, including HSBC Holdings and Nationwide Building Society, have announced new limitations on the purchase of cryptocurrencies by their customers, highlighting the need for alternative ways to purchase cryptocurrencies.
It remains to be seen if the recent struggles in the global banking system will lead to a higher adoption rate of cryptocurrencies and a greater demand for crypto ATMs.
