The Canadian cryptocurrency trading platform known as Coinsquare has announced it has acquired an eight figure controlling stake in Fintech software producer, Just Cash. In their bid to introduce the crypto transactions on traditional- non bank ATMs in the united states has gone into the acquisition.
The software was developed by ‘just cash to add up with what was on ground so that ATMs can sell cryptocurrencies via a customer’s debit card without having to upgrade the machine’s hardware.
The CEO of Coinsquare , Cole Diamond confirmed that the technology has already been introduced to some ATM machines and concluded that this process will continue until the next year ends. As they set out to partner with two of the three major producers of non-bank automated teller machines such as Nautilus Hyosung, Triton, and Genmega. It is expected that approximately 250,000 non-bank ATMs can actually be upgraded with this feature, though the ones needed was yet to be disclosed by him.
But then, according to the CEO– Diamond stated that Coinsquare expected approximately 170 thousand machines across nearly all 50 states will be integrated with the feature.
“The total number of bitcoin ATMs will be outnumbered within a year,” he stated.
Definitely this will enable users to buy and transact with bitcoin, bitcoin cash, ether, dash, litecoin, stellar, ripple, doge, among others directly through their bank accounts.
The user’s private and public keys will be shown in the printout receipt from the machine.
According to Diamond, The company is working towards full US expansion in 2020, with the ATMs serving as an entry point as part of their mapped out plans. Just Cash’s software will work on the regulatory efforts pulled through by Coinsquare in anticipation of this market entry.
Diamond hopes the ATMs serve as an efficient on-ramp to the crypto-uninitiated as a matter of fact. Presently , “most people are intimidated by the process to acquire it, resulting to a lack of mainstream cryptocurrency adoption,” in his statement.
Though he does not expect to integrate the software with bank partners soon but the feature is aimed at bridging the gap between traditional banking and the cryptocurrency industry.
Meanwhile, “we anticipate that banks may need it or wants to use it though the banks has been hesitant on anything that has to do with cryptocurrency “, he said.
He added that though bank ATMs will require the development of another additional software upgrades as each entity runs proprietary software.
Just Cash will maintain a degree of autonomy though they firms will operate under one brand-Coinsquare.
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