30 New Bitcoin ATMs Installed in Chicago Area via Lux Vending to Boost Crypto Adoption Rates in City
Chicago is largely been a major influencer in the financial economy over the years, both inside the state and the country as a whole. Based on their innovative strides, it should not be any surprise that the city has higher than average adoption for cryptocurrency than other cities in the area and around the country.
As such, Lux Vending has decided to capitalize on their participation by bringing in more Bitcoin ATMS, despite already having a substantial number of the machines in the city already.
New reports show that Lux Vending will be installing another 30 Bitcoin ATMs, which will be installed under the brand Bitcoin Depot. The machines make it possible for customers to deposit physical cash as Bitcoin, Ether, and other digital assets to crypto wallets.
Other startups that have already placed Bitcoin ATMS in the area include Red Leaf Chicago, who already owns twice what Lux Vending is installing.
The machines from Red Leaf Chicago account for 30% of the 200 machines that the company has in place in 21 states. Athena Bitcoin is another startup with machines in Chicago, though they only account for three Bitcoin ATMs locally. Instead of focusing on the US market, this startup wants to go abroad to South America, since the substantial number of unbanked citizens in leading to impressive progress in the realm of crypto assets.
The CEO with Athena Bitcoin, Eric Gravengaard, understands why other startups and existing businesses have taken a particular interest in Chicago, even if his own company wants to venture elsewhere. Chicago has been the home of major traditional local exchange companies, like CBOE Global Markets and the CME Group, which launched when the crypto market was enjoying a bull run.
Even though the increase in Bitcoin ATMs is clearly a positive direction for the industry as a whole, they may not serve adoption in the way that customers expect, and companies hope for. The fees seem to be a deterrent, considering that users have to apply 10% to 20% of the total dollars that they want to change out for Bitcoin as the fee.
Right now, less than a third of the Bitcoin Depot machines give the users the ability to sell crypto back to the terminal, which leads some people to wonder what the use case would even be. Exposing the public to digital assets is fairly simple, and there are plenty of options that don’t involve spending an extra 20% of what a customer wanted to pay in the first place to participate.