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Coinstar, a three-decade company dedicated to building kiosks that transform cash change, has announced its collaboration with ATM Bitcoin for digital cryptocurrency resources, Coinme. With this partnership, the 27-year-old kiosk installation company aims to dive into the cryptocurrency space allowing people to convert their money into Bitcoin.
Revealing the partnership, Neil Bergquist, Co-founder of Coinme, said:
"Bitcoin is now available in your local grocery store through Coinstar kiosks."
The CEO of Coinstar, Jim Gaherity, said that Bitcoin ATM, Coinme, will exploit the flexible platform of the first in providing customers with the world's largest cryptocurrency in exchange for money without interruption. The CEO also claimed that the move would be beneficial for consumers to participate in an ever-changing economy.
However, coins can not be used for Bitcoin transactions. Unlike the conventional function of the Coinstar kiosks, which allows people to use spares, Amazon gift cards, etc., Bitcoins can only be purchased with cash, for example US dollar bills with a limit of $ 2,500. To exchange digital money, the user will ask to enter the phone number on the kiosk and then to put the bills on the kiosk. After that, a code will be sent to the telephone number provided for the exchange. This code can be redeemed on the Coinme website.
Initially, the kiosks were set up in select stores in California, Texas and Washington. The partnership is expected to develop, increasing the process in other parts after launch. With over 20,000 kiosks around the world, Coinstar kiosks will now be equipped to sell digital currency following expansion plans.
Intercepted in 2014, Coinme holds the title of being the first Bitcoin bank business with a state license in the United States. Currently, it has 20 cryptocurrency ATMs across Washington, Texas and nine other states in the country.
This new feature comes at a time when the cryptocurrency trading volume is in a phase of constant decline. At the time of printing, Bitcoin stood at a market cap of $ 64 billion USD, priced at $ 3,660.9 USD, with a 0.22% loss per hour. However, the ninth largest ATM operator of cryptocurrency, Co-founder of Coinme, believes that digital currency is more valuable now.
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