One of the leading retailers of Bitcoin Automated Teller Machines (ATMs) in the crypto industry, LibertyX is interested in riding off the recently rally of Bitcoin to boost its accessibility for its clients. In order to accomplish this goal, the company has announced that it is launching Bitcoin-to-cash sales that will be integrated with thousands of ATMs in the U.S. The company confirmed that they were rolling out direct Bitcoin sales at all of its ATM locations in the country. LibertyX explained customers would be able to use participating ATMs for directly selling their Bitcoins in exchange for cash, without having any need for debit cards.
This is undoubtedly an improvement in the business structure of LibertyX, which, before this, only enabled its customers to make Bitcoin purchases through their debit cards. According to the announcement, this new feature would be supported by at least 5,000 of LibertyX’s ATMs. It remains unclear if these are the total ATMs that the company has sold or whether it is planning on making any expansions in the future. Company co-founder and chief executive, Chris Yim talked about the new feature and said that their goal was to improve access to Bitcoin (BTC).
The CEO stated that the top crypto was currently enjoying a yearly high due to which customers would certainly be interested in finding ways to sell their tokens without having to deal with wire and bank transfers. He said that the United States had more than 15,000 Bitcoin ATMs, but less than 2,000 of these allow people to sell BTC for cash. He said that by deploying this feature in 5,000 of their ATMs, they would be able to triple the number of Bitcoin ATMs where the crypto can be sold by people for cash, which is in accordance with their mission of improving Bitcoin access.
LibertyX has made a series of expansion moves and this Bitcoin-to-cash feature is just another one, as the company is focused on improving its core business operation and expand them further. The company had made a splash in June after an announcement that they had entered into partnerships with multiple retailers, such as Rite Aid, 7-Eleven, and CVS Pharmacy, for allowing their customers to purchase Bitcoin with cash. Customers would be required to download the company’s mobile app, choose the retailer location they wish to visit, and then scan their barcodes when they go to the ATM.
While the sub-industry of BTC ATMs, along with LibertyX, is thriving, the former has had to put up with a lot of regulatory pushback due to alleged connections with money laundering. CipherTrace, the blockchain analytics firm, reported in June that 74% of the ATM transactions that had been made last year in the United States had gone to foreign countries. The report also highlighted that 88% of US ATMs that were sent to crypto exchanges had gone overseas. Therefore, some countries have already begun to tighten their regulations like Canada now requires Bitcoin ATM operators and crypto exchanges to register as Money Service Businesses.