Coinme is a major licensed cryptocurrency cash exchange, established in 2014 with the goal of becoming the most reliable access point to digital currencies and a more secure financial future.
Bitcoin kiosk company Coinme has announced the addition of six cryptos that are live on Coinme-enabled Coinstar kiosks. The announcement revealed that Coinme is integrating such coins as ETH, MATIC, LINK, DOGE, LTC, and XML into its system, and they are now available to purchase instantly using cash at their 10,000 Coinme-enabled kiosks.
Neil Bergquist, CEO, and co-founder of the company, told reporters that the latest development will give users more freedom to interact with many tokens other than Bitcoin.
“At the same supermarket kiosk where some customers might buy ETH to buy an NFT, they can also buy XLM to send across borders, which is its main application,” he stated.
“Different coins serve different purposes, and we’re excited to continue serving our customers with a menu of coins representing approximately 70% of the total crypto market cap. Our partnership with Coinstar has allowed us to scale to 10,000 additional physical locations, providing instant cash onramps to crypto, which can be purchased and securely stored in the Coinme wallet or sent to nearly any wallet globally,” he added.
After the announcement, Jim Gaherity, the CEO of Coinstar, said that customers had requested they add additional coins to the Coinstar kiosks that support Coinme in addition to bitcoin. “We want to make it easy for anyone, regardless of their familiarity with crypto, to get started with digital currencies with cash in their local grocery stores,” he stated.
Through a collaboration with Coinme, a cryptocurrency payment exchange, Coinstar has been allowing users to purchase Bitcoin through its kiosks since 2019. On Wednesday, however, those same kiosks that many users had previously used to exchange crypto for cash now allows users to purchase Ethereum, Dogecoin, Chainlink, Litecoin, Lumens, and Polygon.
Those who want to buy cryptocurrency at a kiosk must first choose a specific option on the machine. After providing their phone number, they are prompted to input the amount of cash they wish to convert. The kiosk will then issue them a voucher with a code that can be redeemed on the Coinme App or website.
Users then are asked for a KYC (know your customer) verification, which entails uploading a selfie and a photo of a driver’s license or ID, to create a Coinme wallet. The crypto is immediately available to be spent or transferred to another wallet, after that stage.
Coinme is a major licensed cryptocurrency cash exchange, established in 2014 with the goal of becoming the most reliable access point to digital currencies and a more secure financial future. The company has been facilitating payments across the country and recently added Vermont, its 49th state, in April.
The company can make the state of New York its next destination after it obtains its Bitlicense, which CEO Bergquist says the company is already in the process of acquiring.
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