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- It’s bitcoin with a cup of coffee on the way!
- After a new agreement to install bitcoin ATMs, buying cryptocurrency will be as simple as filling up your tank and getting some munchies
- Traditional cash can be inserted into a bitcoin ATM to purchase the cryptocurrency fast and easily
It’s bitcoin with a cup of coffee on the way! After a new contract to install bitcoin ATMs in a countrywide convenience store and gas station chain, buying Bitcoin will be as simple as filling up your tank and getting some munchies. After gas station chain Circle K announced a partnership to add bitcoin ATMs, New Yorkers will soon be able to fill up their tanks and buy cryptocurrencies.
Aiming to provide access to Bitcoin all over the US through ATM’s
Brandon Mintz, CEO of Atlanta-based Bitcoin Depot, told The Post, Our goal is to provide as much access as we possibly can for consumers by deploying additional ATM machines in all 50 US states, including throughout New York. Users can buy bitcoin using traditional cash from a bitcoin ATM, then use their phones to build a digital wallet to store the funds purchased at the automated tellers.
The devices may also transmit money abroad for a little fee, which may be appealing to New York’s unbanked.
According to the NYC Department of Consumer and Worker Protection, the unbanked account for around 10% of New York families, and mainly include poorer, immigrant individuals who do not rely on established financial institutions to handle their cash.
Regulatory approval needed for Bitcoin depot
According to a report, the cryptocurrency is considered legal tender in El Salvador, and momentum for legitimizing it is growing in Latin America.
Our kiosks also allow those people to store their money digitally rather than keeping cash under their pillows, according to Derek Muhney of rival Coinsource, a bitcoin ATM provider in New York, who believes the region’s significant purchasing power could turn the Big Apple into a cryptocurrency jackpot.
There are 6,336 Circle K locations around the United States, including many in New Jersey and one on Long Island.
In order to operate in New York, Bitcoin Depot must first obtain regulatory approval. There are at least 20,000 bitcoin ATMs in the United States now, including hundreds in the New York area, including corner bodegas, delis, laundromats, and other sites.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
