Coinstar Kiosk Maker Partners with Coinme Bitcoin ATM Startup to Bring Crypto to Grocery Stores
Coinstar, a company that establishes kiosks for changing loose change to gift cards and Coinme, a crypto ATM company, have teamed up to bring the ease of buying cryptocurrency to local supermarkets.
As a result of this partnership, bitcoin will be available for purchase from a number of Coinstar outlets in Safeway and Albertsons stores in California, Texas, and Washington. According to the announcement, Coinstar put forward an undisclosed financial investment.
How This Will Work
Unlike Coinstar’s usual setup, users will not have the luxury of converting their loose change to bitcoin. Instead, they will have to pay with cash to purchase up to $2,500 worth of bitcoin.
When a payment is made, they will be given a redemption code with which they can redeem their bitcoin on the Coinme website. Despite the current situation with the bitcoin price, Coinme’s management believes that more people will embrace crypto than ever before.
In the early days of bitcoin, many jumped on the bandwagon hoping to follow the path of some of the initial investors who became overnight millionaires from it. Now, the craze seems to have cooled and there is more focus on long term stability for bitcoin as a means of payment and on blockchain as the next generation of technology.
“People are moving away from gambling on the future price of digital currency and instead are leveraging digital currencies for their inherent technological advantages thanks to blockchain technology,” said Neil Bergquist, Coinme’s CEO.
Coinme currently has 54 locations and there are plans to expand even further in the next year, particularly with this new collaboration.
The Use of Crypto
Cryptocurrency ATMs have seen increased use in the last few years and have found themselves opening in major cities such as New York and Tokyo.
With these developments, along with the growing prevalence of debit cards that are compatible with cryptocurrency, spending cryptocurrency is becoming as convenient as with fiat currency.
A good example of this is in France where Tobacco Stores are starting to sell cryptocurrency. This takes away the mystery behind crypto and lets the public know that its use is as normal as going to the corner store to buy a pack of cigarettes.
This has forced more and more mainstream establishments such as fast food giant Church’s chicken to begin accepting cryptocurrency as a form of payment.
“Our customers are leveraging bitcoin as a medium of exchange for remittances, a diversified store of value for their portfolio, or simply as a gift for that ‘crypto-curious’ family member,” Bergquist said.