MARKET

Coinsource adds stablecoin DAI to Bitcoin ATMs

share
Coinsource adds stablecoin DAI to Bitcoin ATMs

ATM manufacturer Coinsource plans to add the stablecoin DAI, aiming to protect users from the volatility of the cryptocurrency market.

Table of Contents

ATM manufacturer Coinsource plans to add the stablecoin DAI to protect users from the volatility of the cryptocurrency market.

Based in Texas, Coinsource was founded in 2015 and is one of the world's largest Bitcoin ATM manufacturers. With the introduction of DAI, users will be able to freely buy, sell, or hold DAI at ATMs. The company is not only installing new machines in 29 states across the United States but also updating existing ones.

ABM previously mentioned in "The Rise of Stablecoins" that DAI uses blockchain smart contracts to maintain its stable price mechanism at 1 USD, with the assets backing DAI not being USD but ETH.

According to a report, in the next phase after introducing the stablecoin, the ATM service provider will launch remittance services, allowing users to send cryptocurrencies to another wallet. The remittance service will enable recipients to cash out funds from Coinsource ATMs.

Sheffield Clark, CEO of Coinsource, stated:

By offering the stablecoin DAI, we can protect users from the volatility of the cryptocurrency market. We also plan to expand financial services to areas without bank accounts.

In addition, according to data from monitoring service CoinATMRadar, the total number of Bitcoin ATMs BTMs worldwide has surpassed 5,000 for the first time.

According to the latest statistics, there are currently 5,006 independent BTM Bitcoin ATMs in approximately 90 countries/regions, where cryptocurrency users can buy or sell Bitcoin at the machines, with some offering both functions. With the rapid increase in the number of BTMs, the United States currently holds half of the global BTMs, with 3,229 BTMs located across various states in the U.S.

The intensifying competition in the BTM market may lead to lower fees charged to users, which are often significantly higher than other purchasing channels online.

Further Reading