Bitcoin ATMs Ignore Market Downturn, Rapidly Spread Throughout US Cities
Bitcoin ATMs continue to spread across the United States at a rapid clip.
Chicago is the latest city to see an increase in ATMs supporting both the cryptocurrency market leader and various popular altcoins — thanks to an Atlanta-based company called Lux Vending, which has dropped 30 ‘Bitcoin Depot’ ATMs throughout the Chicago already this year.
The addition to Lux’s machines reportedly brings Chicago’s total Bitcoin ATM count up to nearly 100.
The fifth-most-populous North American city is already a hotspot on the Bitcoin radar, with major exchanges CME Group and Cboe Global Markets already offering non-physically-settled bitcoin futures contracts. San Francisco-based exchange giant Coinbase recently set up an office in Chicago, and various cryptocurrency-oriented startups currently call the Windy City home.
Brotherly Bitcoin Live
Philadelphia also reportedly has nearly 100 Bitcoin ATMs operating in its area — many of which are “hidden in plain sight” in places like Rittenhouse Square, South Philly, and Queen Villiage, according to Philly-based Straight Up Capital’s Sean Keefe.
Keefe also told KYW NewsRadio 1060 that he expects more business to begin accepting the dominant cryptocurrency as the ATM machines become more popular and more widespread.
Know Your Coinstar
In related news, Coinstar recently launched support for the purchasing of Bitcoin with individuals’ ever-growing collections of spare change. Though this news caused a good deal of excitement when it broke, interested parties soon had their parades rained on after the machines reportedly required extensive know-your-customer (KYC) checks that validated in ultra-sluggish fashion.
Nevertheless, the developments from Bitcoin ATM companies and Coinstar are undeniably positive. The United States currently houses more than 3000 machines by itself — far more than any other country in the world — despite the year-long-and-counting market downturn.
What do you think about the continued proliferation of Bitcoin ATMs it US cities like Chicago and Philadelphia? Let us know your thoughts in the comments below!
Images courtesy of Shutterstock.