Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
Coinstar kiosks are evenly distributed and currently accessible by about 90% of the American population.
Supermarket kiosk company, Coinstar has announced to have extended the reach of its Bitcoin ATMs powered by Coinme to about 40 states in the US. In addition, its Coinme ATMs are now 5000 across the various Coinstar kiosks. According to the Chief Executive of Coinme Neil Bergquist, close to 25% of the total Coinstar kiosk fleets can now access the Bitcoin ATMs.
In his statement, the Coinstar kiosk is evenly distributed and currently accessible by about 90% of the American population. “So the collective opportunity here is to be able to give the majority of the US population access to digital currencies, ” said Bergquist.
Coinme has made tremendous progress since the second quarter of the year, having expanded its location by 65% since March as claimed by Bergquist. Some of the benefitted locations include Maryland, New Mexico, Ohio, Georgia, Nevada, Delaware, and Rhode Island. Just as expected, the expansion of the Bitcoin ATMs was due to the increase in usage of the existing ATMs. Since late February, the volume of their Bitcoin transactions in the various kiosks has been around a 40% upsurge. Also, nearly half of the transactions were facilitated by newcomers as revealed by the Chief Executive.
The surge in transaction volume was largely linked to the advantage derived during the lockdown as they remained the only concrete establishment opened to consumers. Its Bitcoin ATMs were located in Supermarkets and Pharmacists. It gained many advantages due to the fact that pharmacists and supermarkets were allowed to operate at a time during the lockdown.
Paul Veradittakit, Pantera Partner expressed his interest in the ATM expansion of Coinme. He disclosed that it will appeal to people who know about Bitcoin and ATM but find it complicated to open an account with an exchange as well as people curious about Bitcoin. He said that this is a perfect idea to get Bitcoin to the mainstream user despite the challenge of technological hindrance among some of the folks.
Bergquist revealed that they do not only intend to focus on the US but instead, Latin America. They plan on using the profits accumulated to expand its business in the region. Also, they build an exchange API, this means Bitcoin can be bought on any compatible device in Latin America. This can be done in Kiosks, Merchants, and PoS. Veradittakit added that Coinme wants to be the mode through which the idea of getting money to move around the world seamlessly is achieved.
Coinstar is a cryptocurrency financial service that makes it easier for people to conveniently purchase cryptocurrency from selected locations. It works by firstly inserting paper money into their US dollar paper money cash acceptor to obtain a voucher with a BTC redemption code to claim it on their platform.
Bitcoin has come a long way to a point where getting access to it has become very easy. The increasing innovations that boost the adoption of the digital asset paint a positive picture of the future of the digital asset.