Coinstar, a three-decade-old company dedicated to building kiosks which turn loose change into cash, has announced its collaboration with Bitcoin ATM for cryptocurrency digital assets, Coinme. With this partnership, the 27-year old kiosk installer firm aims to dive into the cryptocurrency space by enabling people to convert their money into Bitcoin.
Revealing the partnership, Neil Bergquist, co-founder of Coinme said:
“Bitcoin is now available at your local grocery store via Coinstar kiosks.”
Coinstar’s CEO Jim Gaherity said that the Bitcoin ATM, Coinme, will leverage the flexible platform of the former in providing the customers with the world’s largest cryptocurrency in exchange of money seamlessly. The CEO further cited that the move would be beneficial for consumers to participate in a constantly evolving economy.
However, coins cannot be used for Bitcoin transactions. Unlike the conventional function of Coinstar kiosks, which lets people use spare change, Amazon gift cards, etc., Bitcoins can be purchased only with cash, i.e., US Dollar bills with a limit of $2,500. To trade the digital money, the user will require to enter the phone number on the kiosk and then place the money bills on the kiosk. Following which, a code will be sent to the phone number provided for the exchange. This code can be redeemed on Coinme’s website.
Initially, the kiosks were set up in selected stores in California, Texas, and Washington. The partnership is expected to roll out, scaling up the process to other parts after the launch. With over 20,000 kiosks under its belt across the world, Coinstar kiosks will now be equipped to sell the digital currency following expansion plans.
Incepted in the year 2014, Coinme holds the title of being the first state-licensed Bitcoin ATM venture in the US. Currently, it has 20 cryptocurrency ATMs across Washington, Texas and nine other states of the country.
This new feature comes at a time when the trading volume of the cryptocurrency is in a phase of constant decline. At the time of press, Bitcoin stood at a market cap of $64 billion USD, priced at $3,660.9 USD, with a slip of 0.22% over the hour. However, the ninth-largest cryptocurrency ATM operator, Coinme’s co-founder believes that the digital coin is more valuable now.
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