Fintech startup Just Cash collaborates with a trading platform to develop an ATM for the cryptocurrency market.
The Canadian cryptocurrency exchange platform Coinsquare has announced the acquisition of a stake in the financial technology startup Just Cash. This acquisition will enable the company to introduce cryptocurrency transactions on non-bank ATMs in the United States.
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Based in St. Louis, USA, Just Cash has been integrating its app with the Just Cash experience through partnerships with financial institutions, running on existing ATMs. Users can withdraw cash from nearby ATMs without a physical bank card, providing an efficient solution for the mobile economy.
The new software developed by Just Cash is now used to transform ATMs, allowing users to buy and sell cryptocurrencies with their bank cards without the need for hardware upgrades on the ATMs.
Coinsquare CEO Cole Diamond confirmed that this technology has been introduced to some ATMs, and the process will continue until the end of next year, aiming to surpass the total number of "Bitcoin ATMs" within a year.
Approximately 250,000 non-bank ATMs can be upgraded with this feature. We will collaborate with two major ATM manufacturers, hoping to reach 170,000 units in 50 states across the U.S.
According to data from a previous report by ABM reported, there are currently 5,006 independent BTM Bitcoin ATMs in approximately 90 countries/regions globally. If new software like that developed by Just Cash can seamlessly upgrade ATMs, it will significantly increase the number of cryptocurrency ATMs worldwide.
Users will be able to directly purchase and trade Bitcoin through bank accounts, supporting currencies including Bitcoin Cash, Ethereum, Litecoin, Ripple, Stellar XLM, Dash, and Dogecoin DOGE, among others.
In a statement, Diamond noted:
The adoption rate of mainstream cryptocurrencies is low because most people are deterred by the complexity of exchanges. ATMs are hoped to serve as an effective entry point into the crypto market.
As reported, the company's roadmap includes a comprehensive expansion in the U.S. in 2020, with ATMs as the entry point. Post-acquisition, operations will be under the Coinsquare brand, while Just Cash will retain a certain degree of autonomy.
Further Reading
- Cryptocurrency UnionPay card launched, reaching 70 countries globally within a week
- London-based crypto payment service Zeux lists ONT for use in European countries as early as this year
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