For customers who prefer their ATM transaction be virtual instead of in cold, hard cash, ATM maker Genmega has partnered with LibertyX, one of the largest and most trusted Bitcoin retail exchanges, so consumers can use their debit cards to purchase Bitcoins nearly as easily as withdrawing cash. The partnership will allow any Genmega ATM to sell the cryptocurrency with a simple software update process without upfront costs or hardware retrofits.
“We have 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,” said Chris Yim, co-founder and CEO of LibertyX.
According to a joint statement from the companies, the partnership benefits consumers, ATM operators and merchants. Those new to the cryptocurrency can purchase Bitcoins utilizing an intuitive process similar to familiar ATM transactions, while experienced enthusiasts of Bitcoin will be able to buy the virtual currency from their neighborhood ATM nearly instantly.
Although cryptocurrencies can be sold or used to make purchases, they do not exist in a hard currency form of paper notes or metallic coins. They exist solely in a digital format. And, like stocks and other investment instruments, the price of a cryptocurrency is subject to fluctuations against the value of traditional currency. So, unlike hard currency transactions conducted at ATMs, Bitcoins purchased at one of the LibertyX enhanced Genmega units are downloaded to the consumer’s secure virtual wallet for storage rather than dispensed and pocketed.
“ATM operators are always looking for ways to grow volume and transactions,” Wes Dunn, senior vice president of sales at Genmega, said. “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.”