Thanks to a newly-formed partnership with crypto ATM provider, Coinme, Coinstar (not a blockchain upstart) has launched the ability to purchase Bitcoin from its thousands of kiosks across America and Canada.
Every Supermarket Has One
Yep, that’s right, those machines that are always situated next to your supermarket’s passport photo booths will now be taking your spare cash and exchanging it for Bitcoin (BTC).
Here’s how it works:
1) Go to the Coinstar kiosk and select “Buy Bitcoin.”
2) Insert your dollars (there’s a $2500 limit).
3) You’ll then receive a redeemable voucher for your Bitcoin.
4) Go to Coinme, create an account, and redeem your voucher to claim your BTC.
Although the option for BTC payouts currently appears to be available in the U.S. only, I expect this newly-formed, somewhat dynamic duo to expand the features to kiosks across the globe eventually.
Bitcoin Innovation, Expansion, Adoption
Coinstar, the company behind the spare change chomping contraptions, are continuously looking for ways to diversify their service. The firm’s CEO, Jim Gaherity, recently stated in an announcement that:
“Coinstar is always looking for new ways to offer value to our consumers when they visit our kiosks.”
Gaherity went on to laud Coinme’s “delivery mechanism” and his firm’s “flexible platform” that creates an environment where consumers can easily purchase BTC through American greenbacks.
Coinstar’s move to implement an option for BTC withdrawals may prove to be an effective catalyst for mass adoption of crypto. In 2012, the U.S.-based company revealed that it had reached a new milestone, deploying its 20,000th kiosk. Since then, the company has expanded into western Europe, as well as maintaining its foothold in the U.K., Ireland, and Canada. With this number of kiosks in circulation, adoption could be in Coinstar’s and Coinme’s grasp.
Meanwhile, U.S. based crypto startup, Coinme, is currently operating Bitcoin ATMs in eleven U.S. states, including Washington, Texas, and California. The company, which became the first licensed digital currency ATM provider in 2014, is clearly looking to encourage the mass adoption of Bitcoin via a tangible point of exchange. In a recent statement, the firm has suggested that the collaboration between itself and Coinstar will empower consumers with “thousands of places to buy Bitcoin.”
The Future Is Bright… Make No Mistake
Make no mistake, this is positive news for crypto’s most fervent fanatics. This news comes in the midst of the worst crypto bear market since the inception of the revolutionary fintech solution. In spite of the market freefall, demand for the intangible, blockchain-based currencies appears to be soaring.
A recently published study by ‘Research And Markets’ suggests that the cryptocurrency ATM sector is set to skyrocket over the next four years. The study estimates that the market will grow from $16.3 million in 2018 to nearly $145 million by 2023 – a compound annual growth rate (CAGR) of 54.7%.
The research firm stated in the report:
“Growing opportunities in developed markets, such as the US, Germany, and Japan, and increasing acceptance of cryptocurrency across industries are among the factors providing opportunities for the crypto ATM market.”
Research And Markets’ analysts obviously see a bright future ahead for cryptocurrencies, as do many institutional investors.
As recently reported by Live Coin Watch, another U.S. based crypto service provider, BitPay, announced it had another record-breaking year. The company hit revenues over $1 billion in 2018 and managed to grow the B2B arm of the company by an astonishing 225%. Investors have been forthright in pouring their dollars into the Atlanta-based business, with a Series B funding round seeing the company raise over $40 million in liquid capital.
Title Image Courtesy of Steve Johnson on Unsplash