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The historical partnership between Coinsquare and Just Cash means that the new users of the software will enjoy the most comfortable and most familiar experience to buy cryptocurrency. Bitcoin is new and unrecognized by many, unlike ATMs.
Coinsquare, a Canadian Cryptocurrency exchange platform, has purchased an eight-figure controlling stake in Just Cash, a fintech software producer. The acquisition will allow the company to launch crypto transactions on traditional ATMs, and in return, sell cryptocurrency and other altcoins.
Just Cash designed an in-demand software to boost ATMs to sell cryptos such as Bitcoin through customer`s debit card with just the existing machine`s hardware.
Cole Diamond, Coinsquare CEO, acknowledged that the invention has already been incorporated to specific ATMs, a move that will continue up to early 2021.
Currently, there are about 250,000 traditional, non-bank ATMs in the US that can potentially be retrofitted with this software. The dual partnership out of the three primary manufacturers of non-bank automated teller machines: Genmega, Triton, Nautilus will enable Coinsqure to consolidate with about 170,000 ATM machines all over the 50 states. However, Cole Diamond refuses to disclose which manufacturers are involved.
Buying and Transacting With Cryptocurrencies Is Now Easier Than Ever
Consquire CEO is very optimistic that within a year, they will smoothly surpass the overall number of Bitcoin ATMs machines globally.
The new technology comes with a unique feature where it will provide a printed receipt that reveals the consumer`s public and private keys. According to Cole Diamond, this is effectively your paper wallet.
Coinsquare`s Road Map
The firm`s roadmap involves a full expansion in the United States by next year, with the ATMs acting as the front door.
The new partnership also means that Just Cash`s invention will ride on the regulatory efforts Coinsquare has overcome in anticipation of entry to this market.
“Presently, there is an absence of mainstream cryptocurrency acceptance since most individuals are discouraged by the complicated procedure to acquire it,” Diamond said in a statement.
He further went ahead to indicate that this software will “bridge the gap” between the crypto industry and traditional banking, though he doesn`t plan to merge the technology with bank partners anytime soon.
“One, we need to believe [banks] want to use it…Banks have been hesitant to get involved [in anything crypto,]” Coinsquare CEO said, adding bank ATMs need the design of extra software retrofit, as every entity operates proprietary software.
The merged companies will run under the brand name of Coinsquare; however, Just Cash will retain a level of autonomy.