Home / Coin Payment / Australian Bitcoin ATM Startup Says Its Raking in $ 360,000 Per Week

Australian Bitcoin ATM Startup Says Its Raking in $ 360,000 Per Week

At Bitcoin, ATM company from Australia reported a weekly turnover of $ 500,000 AUD (roughly $ 360,000 USD) despite the cryptocurrency bear market.


$ 360,000 Weekly Turnaround

A Australian, an Australian bitcoin ATM company, has reported a weekly turnaround of $ 360,000 in 2018. According to the reports, it's currently operating 31 ATMs across Australia, but it's planning to expand.

Speaking on the subject, Sam Karagiozis, founder at Auscoin, said:

We currently have 31 Auscoin ATMs in Australia … and our turnover is $ 500,000 a week, which is just insane considering how much the price of Bitcoin has dropped. […] It just shows up and it's a market for it and it is cryptocurrency is seen as a way of the future for many.

bitcoin atm

Auscoin bitcoin ATM

The company had an underwhelming ICO in 2018 after it managed to raise only $ 2 million of the projected $ 30 million. However, it hopes to expand to a network of more than 1200 bitcoins ATMs across Australia.

It's Getting Easier to Buy Bitcoin

Bitcoin at a range of physical locations. According to Karagiozis, accessibility is the main barrier to entry for regular people:

We believe the most significant barrier to entry into the cryptocurrency market is accessibility.

Bitcoinist reported that the number of Bitcoin ATMs has doubled in 2018, growing to more than 4,000 in 76 different countries. According to the tracking website Coinatmradar, Australia has 54 Bitcoin ATMs in operation.

Bitcoin at tobacco shops. Bitcoin to 24,000 tobacco kiosks across the country in the near future.

US, based Bitcoin ATM company Coinme partnered with international coin counter Coinstar. Bitcoin at 20,000 Coinstar kiosk locations.

Meanwhile, Venezuela is also expected to see its first bitcoin vending machine go live within the next two weeks.

What do you think of the growing popularity of Bitcoin ATMs? Will this have a positive impact on its widespread adoption? Know in the comments below


Images courtesy of Shutterstock

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