A Canadian cryptocurrency trading platform Coinsquare recently announced it has bought an eight-figure controlling stake in Just Cash, a fintech software producer. Just Cash has been able to develop a software, without having to upgrade a machine’s hardware, that enables ATMs to sell cryptocurrencies via a customer’s debit card. This Acquisition now allows them to introduce crypto transactions on traditional, non-bank ATMs in the United States.
As confirmed by CEO of Coinsquare, Cole Diamond, the process of introducing the technology to some ATM machines has already started and it will continue until the end of next year.
Diamond said Coinsquare expects to integrate with approximately 170 thousand machines across nearly all 50 states out of the approximately 250,000 non-bank ATMs that can potentially be upgraded with this feature. Their partnering with two of the three major producers of non-bank automated teller machines – Nautilus Hyosung, Triton, and Genmega whose specific identities were not disclosed has formed a fertile foundation to make this possible. “We will outnumber the total number bitcoin ATMs within a year,” Diamond said. The operations of this project will be under the Coinsquare brand, but a degree of autonomy will be maintained by Just Cash.
Via these machines interested people can, directly through their bank accounts, buy and transact with bitcoin, bitcoin cash, ether, dash, litecoin, stellar, ripple, doge, among others. After use, the machine is designed to offer a printed receipt showing the user their private and public keys, “effectively your paper wallet,” Diamond said. According to Diamond the ATMs will serve as an efficient on-ramp to those who are new to cryptos.“Right now, there is a lack of mainstream cryptocurrency adoption because most people are intimidated by the process to acquire it,” he said in a statement.
Also drawn from his statement is that this feature will “bridge the gap” between the financial banking system we are used to and the crypto space but he noted they do not intend to integrate the software with a bank partner soon.
“One, we need to believe [banks] want to use it… Banks have been hesitant to get involved [in anything crypto,]” he said, adding bank ATMs require the development of additional software upgrades, as each entity runs proprietary software.
Credits- Daniel KuhnJOIN OUR COMMUNITY