Coinme, The First State-Licensed Bitcoin (BTC) ATM Company Forms Alliance With Coinstar

The first ever cryptocurrency has been around for a while now, yet it is nowhere near replacing the fiat. The technological innovation did at first submerge masses in its awe, however as time passed, the issues surrounding the use of cryptocurrencies started to pile up. With the passage of time, a global adoption of cryptocurrencies seemed to get further and further away, with the possibility of total termination and dying out of cryptocurrencies. The trends however have been very volatile along with the value of cryptocurrencies. The stigma kept aside, there are still a number of people that believe in the potential of cryptocurrencies and still predict that there might be a possibility of crypto replacing the fiat.

To facilitate the use of crypto, multiple crypto related platforms have been coming up with cryptocurrency solutions , that would enable masses to find a use for cryptocurrencies in their everyday lives. Such is the recent development that has taken place. Coinme, a company that provides Bitcoin ATMs has announced its partnership with Coinstar, an exchange service that converts coins to cash. Through this alliance, the companies plan to provide the means to masses to convert their Bitcoins to cash, going about their everyday life chores. Neil Bergquist, the CEO and Cofounder of Coinme told in a press release,

We’re excited to team up with Coinstar to give consumers a convenient and easy way to buy Bitcoin during the course of their daily routines. Bitcoin is now accessible at your local grocery store via Coinstar kiosks, and this offering will make it even easier for consumers to participate in this dynamic new economy.

Coinme was the first ever Bitcoin ATM company that was licensed by stated in The U.S. It has been 4 years since its inception and the company now handles transactions worth million of dollars on a monthly basis. The company means to expand and to provide more Bitcoin ATMs all over the globe. Their service include a vertically integrated digital wallet and Private Client services for various organizations and individuals all over the world.

Coinstar has been the provider of a coin counting services at more public spaces like grocery and drug stores and financial institutions, in the form of Kiosk. This platform has been enabling customers at local locations to purchase Bitcoin with the same ease as money is withdrawn from an ATM vestibule. Jim Gaherity, the CEO of Coinstar made the following comment on the recently formed partnership.

Coinstar is always looking for new ways to offer value to our consumers when they visit our kiosks, and Coinme’s innovative delivery mechanism along with Coinstar’s flexible platform makes it possible for consumers to easily purchase Bitcoin with cash.

As of now, Coinstar owns and operates over 20,000 autonomous kiosks spread all across U.S. Bitcoin can be purchased from any of the Coinstar Kiosk, that is being powered by Coinme. The kiosk requires the user to accept the terms of transaction and provide their phone number for identification, followed by entering dollars (USD) into the cash acceptor, the limit on which is upto $2500. The kiosk would then produce a voucher carrying the redemption code, which can be redeemed at www.coinme.com/redeem

With more companies trying to provide crypto related solutions, and encouraging the use of Bitcoin to carry out everyday transactions, these platforms are also responsible for erasing the stigma around cryptocurrencies, providing easy access and removing the barrier that yet exists. However this cannot in anyway minimize the volatility of the currency which seems to be fluctuating more than ever. The government authorities can also help in this regard, by providing a regulatory framework for cryptocurrencies, which could help them attain global adoption.

Habibah Shahid

A Computer Science student but a writer at heart. Habibah writes about Cryptocurrencies and the underlying technology, Blockchain, with the perspective of a Computer Scientist. Email: Contact the editor at editor.news@blockpublisher.com

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