This partnership, announced on Finextra, means every Genmega ATM has the capability to enable LibertyX via a simple update process. This means that the 100,000 Genmega ATMs nationwide can upgrade to start selling bitcoin to consumers. The press release claims this to be the first ATM to integrate debit cards as a payment option for bitcoin.
This drastically alters the bitcoin ATM map across the United States. According to Coin ATM Radar, there are currently a total of 2,328 bitcoin ATMs/tellers in the United States. By now factoring in the up to 100,000 Genmega ATMs nationwide, this update results in a potential increase of 4,295.53% should all the machines integrate LibertyX.
Chris Yim, the Co-Founder and CEO of LibertyX, was quoted in the press release stating, “We has been working tirelessly to make it easier to buy cryptocurrencies for the last five years and now are bringing simplicity, convenience and trust to the cryptocurrency purchasing experience through the timeless ATM.”
Providing additional comments on the partnership, Wes Dunn, the senior vice president of sales at Genmega, said, “ATM operators are always looking for ways to grow volume and transactions. We are excited to work with LibertyX on this new initiative that will drive additional foot-traffic to merchant locations and provide added revenue to our operators ‒ ensuring they stay ahead of the market and bring added value to consumers.”
With so many familiar with the traditional ATMs already in use, their transition to adopting bitcoin sells should lower to barrier to entry for many to purchase the cryptocurrency. Factoring in the number of ATMs that already exist across the nation, there could be a significant entry of new bitcoin buyers due to this partnership.