BitXatm, cryptocurrency ATM with a point of sale (POS) function provider, announced a new collaboration with Los Angeles-based startup CryptVision. BitXatm, headquartered in Germany, will supply 1,000 ATMs to the United States with an aim of creating the biggest ATM network in the country.
CryptVision is also committed to build the largest digital currency ATM network in the world. Under the deal, the company will be an exclusive BitXatms provider in Canada and the US.
The president of CryptVision, Sergey Yesayan, noted that the move will allow the firm to further expand in the bitcoin market. He also commented: “In terms of positioning our products all over the country, we’re planning to have most of them in place by the end of the year, and are looking for location partners in shopping malls, restaurants and night clubs.”
Yesayan said the qualification process for operators will start on 25th of July. ATM units will be available for free to the qualified users. CryptVision will operate the ATM units as vending machines and will manage licensing and financial responsibilities.
In May 2014, BitXatm announced a novel upgrade to its Sumo Pro ATM product that was launched in April. It was presented at The North American Bitcoin Conference (TNABC), a two-day event that gathered members of the bitcoin community and was held in downtown Chicago.
The new feature enables users to make one-way and two-way operations in addition to POS features. This means Sumo Pro operators can make cash-to-digital currency transactions only, or both digital currency-to-fiat and fiat-to-digital currency transactions. Moreover, the upgrade will allow operators to minimize their risk level.
Speaking to CoinDesk, BitXatm sales director said: “US is the number one market. Bitcoin is erupting and you see that most of our customers are also from America. In Europe, you still have a lot of regulations.”
BitXatms operators can use any virtual currency, change settings and manage cash flow and profits at the ATM units remotely through a web-based back end.
BitXatms will further support its ATMs to CryptVision after the commissioning of the units. The company now aims at better serving its largest market in the US.
Besides BitXatm news, more announcements were made at the NABC this weekend. The first day of the conference featured announcements from Chinese bitcoin exchange OKCoin and bitcoin wallet provider Blockchain. The news was provoked by the launch of the lobbying group Digital Chamber of Commerce.