Bitcoin Depot Deploys Over 700 Crypto ATMs Across Circle K Stores
Bitcoin ATM operator Bitcoin Depot has inked a long-term partnership deal with the Convenience store chain Circle K. This deal would see Bitcoin Depot deploy Bitcoin ATMs across Circle K's stores in the US and Canada.
Bitcoin Depot Expanding Crypto ATM Service
The crypto ATM distributor announced its expansion plans via an official press release. So far, over 700 Bitcoin ATMs have been installed at Circle K convenience stores across 30 US states as part of the new partnership.
Generally, Bitcoin Depot has more than 3,500 crypto ATMs in operation across the US and Canada. With these ATMs located across the countries, users can exchange cash for cryptocurrency easily. Users have immediate access to Bitcoin and over 30 other cryptocurrencies.
The partnership with Circle K marks the first time a major retail chain would deploy Bitcoin ATMs within its stores.
CEO of Bitcoin Depot, Brandon Mintz, said the expansion could provide underserved communities with financial access services and attract more people to the crypto space.
“Circle K understands that cryptocurrency will be a growing part of the future economy and payments landscape. By adding Bitcoin ATMs to the company's stores, Circle K can attract new customers to their stores, offer financial access to underserved communities, and set themselves apart from other retailers with this new technology.”
Bitcoin Depot announced that it was suspending its services across specific locations due to the coronavirus pandemic. However, the company has since returned and restored services to all areas while expanding its product suites.
Crypto ATMs On The Rise
The number of crypto ATMs across the globe has grown significantly in recent years from barely 500 ATMs in 2015, according to data site Statista. According to CoinATMRadar, there are almost 24,000 crypto ATMs in 75 countries. However, the US takes the lead with more than 20,000 crypto ATMs in the country.
Bitcoin ATMs are simple to use due to their easy setup. It requires only cash and a phone number to buy Bitcoin.
As the adoption of cryptocurrency rises, more people could end up using Bitcoin ATMs to make their first purchase. Last month Bitcoin Depot reported that the number of global ATMs has increased by 155% over the previous 12 months.
Fellow Crypto ATM operator, Coinme claims to have about 20,000 crypto ATM locations to buy and sell Bitcoin using cash through partnerships with Coinstar and MoneyGram [which could be acquired by the Stellar Foundation]. The MoneyGram partnership was signed in May this year.