Bitcoin Depot, famously known as the crypto kiosk, has set up plans to set up ATM units across different locations. With 700 units already set up, the rollout will reach more regions across the United States.
The project is a much-necessary partnership between Bitcoin Depot and the Circle K convenience store chain to set up crypto ATMs across the United States. In this agreement, Bitcoin Depot has accepted the invitation by Circle K Convenience to use their locations as sites for installing these Bitcoin ATM kiosks to serve the American population engaged in crypto-related transactions.
Bitcoin Depot is a company renowned for having the most rapid multi-currency ATM network in terms of growth. On the other hand, Circle K is a national leader and pacesetter in convenience stores. The partnership between these two giants would present a formidable association that would be a big value addition to the crypto environment.
Motivation for the Partnership
Other than increasing the customer base for the Circle K convenience chain, the primary motivation for this partnership is to foster the adoption of cryptocurrencies. It is expected that the installations would make it easy and convenient for cryptocurrency users within the United States to use cash to buy the crypto assets that they find most promising or appealing. The purchase would be not only fast but also very smooth.
By 22nd July 2021, thirty states across America have ATMS already installed and are operational. Brandon Mintz, the CEO of Bitcoin Depot, has expressed the intention to install up to 6000 kiosks throughout North America before the year ends. In his opinion, the brand name Circle K inspires a huge following and umbrellas an extensive customer base that is also diverse in that it is used by people from all forms of backgrounds.
Statistics by Bitcoin Depot have shown that the crypto industry grows to the tune of 155% every year. This means that more people are embracing the crypto space year after year and will therefore find these ATMs very useful especially when they are located at convenience stores where people often find themselves in need of ready cash.
While there has not been any direct review of the progress of the Bitcoin ATM kiosks that are already up and running, it is clear that the volume of transactions taking place daily, weekly, monthly, and even yearly continues to grow.
Importance of the Bitcoin ATM kiosks
The ATM kiosks were and still are very necessary. Other than Bitcoin, the ATMs also serve for transactions relating to 30 other cryptocurrencies that are popularly used. According to Bitcoin Depot, purchasing Bitcoin through ATMs has been simplified and requires no technical training or knowledge. A user would spend a maximum of three minutes from the registration process to purchasing BTC.
With the growth and expansion of the crypto industry, ATMs are a long-overdue development as transactions regarding cryptocurrencies have become popular. People need to cash in their tokens physically instead of virtually and withdraw their money whenever they need to, regardless of where they are.
There are many transactions that these ATM kiosks will facilitate. However, it all starts with making it possible for crypto investors to get the monetary value for their tokens whenever necessary. The ATMs are an enabler for convenience and will certainly inspire more people to embrace cryptocurrency as a mode of payment.
Circle K has embraced the reality that cryptocurrency has a big part in the economy of the days to come, especially where it concerns the entire payment space. In deciding to integrate Bitcoin ATMs into their stores, the convenience chain strategically positions itself from market competition. They will also be able to attract an entirely new class of customers to their outlets while at the same time providing easy and convenient access to finances for those who need it.