Individuals in New York will now be able to purchase Bitcoin (BTC) using traditional ATMs and their debit cards. The company LibertyX received a license from the New York regulator. This is the first firm that receives this license from the New York State Department of Financial Services (NYDFS). The information was released by LibertyX a few days ago.
LibertyX Launches America’s First Debit Bitcoin ATM
In order for this to happen, LibertyX and Genmega announced a partnership to work together. Genmega ATMs can enable LibertyX services and start selling Bitcoin to interested customers. This is a project that has five years and would help individuals have access to virtual currencies.
Chris Yim, the co-founder and CEO at LibertyX, commented about it:
“We have been working tirelessly to make it easier to buy cryptocurrencies for the last five years and now we are bringing simplicity, convenience and trust to the cryptocurrency purchasing experience through the timeless ATM.”
This is something that is very positive not only for customers but also for ATM operators and merchants. With the familiarity of these ATMs, new users would have easier access to this virtual currency. At the same time, crypto enthusiasts will have more options where to purchase their BTC coins.
Users that want to make a purchase would have to take similar steps as if they would have to withdraw funds. Instead of cash being dispensed, users will be receiving Bitcoin. Furthermore, merchants and ATM operators will have higher revenue. ATM operators are always trying to increase the transaction volume.
“We are excited to work with LibertyX on this new initiative that will drive additional foot-traffic to merchant locations and provide added revenue to our operators – ensuring they stay ahead of the market and bring added value to consumers,” explained Wes Dunn, the senior vice president of sales at Genmega.
The number of crypto ATMs has been increasing during the last years. Now there are 4229 crypto ATMs all over the world. Most of them are located in the United States (2551), followed by Canada (707) and Austria (265). If we include the United Kingdom with 212 crypto ATMs, these are the only countries with more than 100 machines operating in their territories.
In the future, the number of ATMs related to virtual currencies could keep growing. There are several companies that are planning to expand their operations in several countries around the world.
