Canada’s largest Bitcoin and cryptocurrency trading platform, Coinsquare, is teaming up with fintech Just Cash to enable millions of traditional ATMs around the world to accept crypto transactions.
Just Cash has developed software that allows any ATM to sell Bitcoin and other cryptocurrencies to mainstream customers who are familiar with transacting and banking via ATM. According to the announcement,
“This first-of-its-kind transaction is accomplished by a routine software update to the ATM. There are no requirements for new hardware, additional capital investments by the ATM operator, or a mobile application by the user to purchase cryptocurrency through the ATM. The simplicity of the update reduces friction for all parties and allows users to buy cryptocurrency through the safe, familiar, and trusted process of an ATM transaction.”
Says Cole Diamond, CEO of Coinsquare,
“Right now, there is a lack of mainstream cryptocurrency adoption because most people are intimidated by the process to acquire it. By using the millions of existing ATMs around the world, we can now bridge the gap and give new users the easiest and most familiar experience to purchase cryptocurrency.”
Currently, the number of crypto ATMs continues to expand, topping 5,000 worldwide, up from 3,395 ATMs in July 2018. The US leads in installations with 3,214, followed by Canada with 683, according to data compiled by CoinATMRadar.
Coinsquare’s latest initiative is part of the company’s strategy to leverage blockchain technology in order to grow into a multi-faceted financial services company.
Speaking at the recent CoinGeek Toronto 2019 conference, Diamond highlights Coinsquare’s banking relationship with the Bank of Montreal and its work with regulators in the US, Canada and around the world.
“What we’re focused on now at Coinsquare by being this bridge is to create an opportunity where we can build the mother of all fintechs. And by building the mother of all fintechs in the redevelopment of our platform, which we started in January of this year and expect to finish by the end of this year now, we’re taking a look to see some of the quick wins that we can get from the market based on what people understand...
When you see our new market go live at the end of this year, you’ll see within a regulated environment the trading of securities within a fractional structure, the trading of fiat-backed stablecoins, which effectively opens up the possibility to do foreign exchange transactions on our platform, and the trading of what we call ‘digital currencies’. So you’ll be able to trade between stocks, FX and digital currency all within one platform – with fractional ownership available through the security token offerings.”
Coinsquare, which launched in 2014, actively trades Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash, Dogecoin, Stellar, Bitcoin SV, Ethereum Classic and Dash. The exchange has acquired a controlling investment position in Just Cash and will operate the US-based fintech under its brand.
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