LibertyX Adds Bitcoin Selling Feature Across U.S. ATMs

LibertyX, the U.S.-based company that installed the country’s first Bitcoin ATM, has expanded its services to include the BTC sell feature across 5,000 ATMs in the United States.

Bitcoin Selling Now Available at 5,000 ATMs

LibertyX made the announcement via a press release published on Monday (October 26, 2020). According to the company, users can now sell Bitcoin for cash at 5,000 ATMs located in the United States.

As previously reported by BTCManager, LibertyX, through its program “Bitcoin on every Block”, giving users the opportunity to purchase BTC at 20,000 retail locations in the U.S. Consumers could make Bitcoin purchases using their debit cards.

The recent addition of the Bitcoin sell feature further pushes the company’s agenda to increase bitcoin adoption among consumers. Commenting on the latest development was LibertyX CEO and Co-Founder, Chris Yim, who said:

“While it’s never been easier to buy bitcoin, selling is another story. There are almost 15,000 bitcoin ATMs across the U.S., but fewer than 2,000 allow consumers to sell bitcoin for cash. Our ‘cash-out’ product deployed across 5,000 ATMs triples the number of bitcoin ATMs where consumers can sell bitcoin furthering our mission of putting bitcoin on every block.” 

Yim further said that the increase in the price of Bitcoin has caused users to seek easier ways to sell their BTC without facing the hassles associated with bank transfers. The LibertyX Chief added that more users would be attracted to adopt BTC knowing that they can comfortably buy and sell the flagship cryptocurrency anywhere.

Exponential Growth of BTC ATMs

Bitcoin ATMs have continued to see an exponential increase across the globe. According to a report by BTCManager back in April, the number of BTC ATMs was numbered at 7,500, amid the coronavirus pandemic.

The current total number of Bitcoin kiosks is almost double the April figure, with the number of BTC ATMs at 11,382, according to data from coinatmradar. The explosion of Bitcoin ATMs shows increased adoption of the flagship crypto.

The United States continues to maintain the number one position, with over 9,000 BTC ATMs locations across the country. The U.S. number one spot gives the country 78.9 percent of the global market share. Canada and the United Kingdom come second and third respectively, with Canada taking 7.5 percent and the U.K. 2.4 percent of the global Bitcoin ATM market share.

While the number of BTC ATMs continue to spread, regulators and governments express concern, stating that these kiosks are used for fraudulent purposes. Back in August, German regulators seized Bitcoin ATMs belonging to “Shitcoins Club”, as the operators conducted businesses without the necessary license.

Source: Read Full Article