Coinsquare, a Canadian exchange acquires software that will enable traditional ATMs to sell cryptocurrency such as Bitcoin (BTC), as per a press release on July 3.
Coinsquare announced that it has made an undisclosed amount of controlling investment in Just Cash, a United States-based fintech startup that has developed a software that enables users to purchase crypto directly through traditional ATM machines without the need for additional hardware or mobile application.
Under the acquisition, the Just Cash team will join Coinsquare and operate under Coinsquare brand. Coinsquare CEO Cole Diamond elaborates that the new initiative reflects the company’s aim at bringing mainstream adoption to the crypto industry. Diamond further adds that by enabling crypto purchases through ATMs will make cryptocurrency “finally reach the masses.”
While the press release does not specify the number of ATMs Coinsquare is targeting for the upgrade, the startup could now offer crypto capabilities for millions of existing ATMs around the world. Diamond notes:
“By using the millions of existing ATMs around the world, we can now bridge the gap and give new users the easiest and most familiar experience to purchase cryptocurrency. Bitcoin is new and unfamiliar to many, but ATMs are not.”
Though Coinsquare is marching into the ATM zone, Canada’s city of Vancouver is considering a ban of specialized bitcoin ATMs (BTMs) citing money laundering concerns.
Image source – Pixabay.com
Cryptocurrency Market Update