Specifically, Coinsquare has bought a huge amount of stake in an US-based fintech software startup, JustCash. The software enables traditional ATMs to sell cryptocurrencies without having to upgrading the machine’s hardware.
Coinsquare CEO Cole Diamond said that some ATMs have already adopted the technology. Within 2020, the software is expected to integrate with approximately 170 thousand machines across nearly all 50 states. The firm has reportedly partnered with two of the three major producers of non-bank automated teller machines – Nautilus Hyosung, Triton, and Genmega.
“We will outnumber the total number bitcoin ATMs within a year,” stated Diamond.
Other than Bitcoin, users can transact multiple cryptocurrencies such as bitcoin cash, ether, dash, litecoin, stellar, ripple, doge, ect.
“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. Bitcoin is new and unfamiliar to many, but ATMs are not.” Diamond noted, highlighting the expansion opportunities of the project.
Crypto users in the US can now purchase cryptocurrencies easier in real life. Recently, Bitcoin kiosks have been reportedly set up in 20 Circle K convenience stores across Arizona and Nevada. The program was launched by DigitalMint, a Chicago-based over-the-counter cryptocurrency trading platform.
In April, Coinsquare has reportedly announced that it will launch a new stablecoin backed by the Canadian Dollar (CAD) called eCAD. It will allow investors to purchase eCAD on a one-to-one basis with CAD. For every one eCAD™ created, one CAD will be held in reserve.