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LibertyX, a major Bitcoin ATM (BTC) retail network in the United States, is expanding Bitcoin selling options to thousands of its ATMs.
According to an October 26 announcement, LibertyX has enabled a Bitcoin withdrawal feature at 5,000 regular ATMs in the United States. As such, consumers can now sell Bitcoin for cash at any of the participating ATMs.
LibertyX CEO and co-founder Chris Yim said the company’s software previously only supported Bitcoin purchases with debit cards. The latest addition allows holders to receive money for the sale of their Bitcoins.
Yim noted that Bitcoin hit new annual highs. “As the price of Bitcoin rises, consumers are looking for a way to sell Bitcoin without facing delays in wire transfers or wire transfers,” Yim said.
The Bitcoin sell feature is supported by a limited number of ATMs in the United States compared to Bitcoin purchases. Yim said:
“While it has never been easier to buy Bitcoin, selling is another story. There are nearly 15,000 bitcoin ATMs in the United States, but fewer than 2,000 allow consumers to sell bitcoin for cash. Our product” cash- out “distributed across 5,000 ATMs triples the number of Bitcoin ATMs where consumers can sell Bitcoin, furthering our mission to put Bitcoin on every block.”
Bitcoin sales at ATMs carry their own fees. According to data from the LibertyX helpdesk, the consumer commission at LibertyX’s Bitcoin ATMs is 8%. Yim said LibertyX’s BTC price is based on a trade index, which closely follows Coinbase’s consumer prices.
LibertyX entered the media spotlight in October 2020 shortly after reports claimed Tesla Fremont Gigafactory in Nevada had an operational Bitcoin ATM. LibertyX representatives told Cointelegraph that the company allowed BTC sales and purchases at three ATMs accessible to Tesla employees in August 2020.
