According to sources, Coinme and Coinstar are working together to sell the flagship digital currency at coin counting machines.
Coinme is a venture-backed financial services company which was founded in 2014 to help people gain access to virtual currency. Coinme became the first licensed Bitcoin ATM operator in the US and now processes millions of dollars (USD) each month. Coinme has now teamed up with Coinstar, founded in 1991, is the first coin counting kiosk inventor that can sort consumers’ coins into spending money by doing all the work for them.
The two companies have collaborated to sell Bitcoin much easily, which is through coin counting kiosks designed by Coinstar. The founder and CEO of Coinme, Neil Bergquist expressed his views on the collaboration, saying:
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.
He feels that despite of going to different places to buy Bitcoins, consumers needed a simpler way to purchase the digital currency for which the two companies combined and for that, he and his company are really looking forward to. He added:
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.
The world of crypto is growing with each passing day, the reach of consumers is also increasing and in order to make purchases of the cryptocurrency easier for the consumers, the companies are planning to install coin counting machines at local grocery stores where more consumers can make daily purchases of bitcoin and be a part of the growing industry.
The CEO of Coinstar, Jim Gaherity also explained how the expertise and the systems of Coinme and the resources of Coinstar can combine together to give customers a better opportunity to buy the digital currency. He stated:
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.
Mr. Gaherity believes the combo of the two companies will make bitcoin purchasing practices simpler for the customers where they can just purchase the cryptocurrency using their cash through a specially designed machine made for this purpose.
The idea is not at all a bad one as we can only derive positives out of this deal and not only for the two participating companies but also for the targeted consumers, who will now have a simpler mean to acquire bitcoin using cash money. So, why not?
A source suggests that there are approximately 4187 BTMs across the globe currently, out of which an estimated number of 2516 of the machines are installed in the US, over 60% of the total machines installed worldwide.
This means that most of the BTM operations of the world are carried out in the US, so the partnership between Coinme and Coinstar to install kiosk machines for bitcoin purchasing purposes makes complete sense.
The market for BTMs is expected to be a major talking point in the world of trade as many organizations are looking to get licenses to operate in this field. Thus, the already well established companies in this market are using all their resources and expertise in the pursuit of creating new and easier systems for customers.
Reports last year suggested that the BTMs will grow to 54.7% meaning, a growth from USD 16.3 million in 2018 to USD 144.5 million by the year 2023 is expected. When a reliable source mentions stats like those, the demand for such product or system automatically hits the roof as developing as well as well-established companies look to enter that particular market so that they are not left behind.
Hence, the approach to design a bitcoin purchasing machine will definitely be a successful step towards the development of the industry as the cryptocurrency will be far more accessible to consumers than it is now and more customers will have the opportunity to enter the growing industry and that too with the help of a growing invention, BTM.