By
Bena Ilyas
May 7th, 2024
The globe’s largest bitcoin ATM network has expanded its portfolio with the launch of five new machines in Arizona, bringing the total number of ATMs to 116.
Coinsource has announced the installation of five new bitcoin ATMs in Phoenix Metropolitan Area, what marks the company’s first launch in Arizona. The new ATMs are located in Phoenix, Peoria, and Mesa. Additionally, Coinsource installed four new machines in Los Angeles and Las Vegas.
The company has already set up 50 new machines since the beginning of the year and now operates 116 ATMs in 10 states, including California, New York, Texas, Louisiana, New Jersey, Pennsylvania, Tennessee and Nevada. According to CoinATMRadar, a website tracking bitcoin ATM locations, Coinsource accounts for 15% of the bitcoin ATM market.
In March, Coinsource completed the largest bulk machine installation ever, launching 14 new ATMs in Northern and Southern California. The company now owns 32 machines across California and holds 30% of the bitcoin ATM market.
Based in Texas, Coinsource was founded in 2016 and is currently the major bitcoin ATM network in the US. The company’s goal is to make the purchase of digital currency as simple as withdrawing fiat currency from a traditional ATM.
“We are really excited about our reach into Phoenix, one of America’s largest metropolitan areas geographically, and the fifth largest by population,” said Coinsource CEO and Co-Founder Sheffield Clark.
“We simply addressed a market need there and we are proud to provide more options to people who are starting to use bitcoin, or want to use it, as commonly as they use cash or credit cards. We are also proud to start doing business in a state that is so blockchain technology progressive. In March, Arizona Governor, Doug Ducey signed a bill recognizing blockchain signatures and smart contracts as state law.”
With the growing adoption of cryptocurrency, the number of bitcoin ATMs continues to increase worldwide. Overall, there are about 1331 machines around the world. According to Coinsource, the company is planning to expand outside the US in the near future.
“Coinsource has had a busy three months; we’ve conducted several recruitment rounds, strengthened our team to 20, and are now close to announcing significant projects outside the US. Q3 is set to be our biggest quarter yet, with a higher rate of installations planned, more team members coming on board, and more state by state market entrance,” Clark added.
“This quarter, in particular, we’ve seen increases in volume; our customers are telling us they are far more willing to buy and sell bitcoin at physical, conveniently located machines than deal with the hassle of online exchanges.”