Canadian startup to upgrade regular ATMs to crypto ATMs

bitcoin perception

Many would agree that some cryptocurrency and blockchain startups have ambitious goals. However, one Canadian startup is defying the odds by aiming to convert regular ATMs into cryptocurrency ones.

The exact verb here should not be “convert”, but rather “upgrade”. The startup is called Coinsquare and has acquired a special software that allows regular ATMs to actually sell digital coins such as Bitcoin. The information comes from a press release by Business Wire.

Coinsquare is actually Canada’s premier trading platform for a variety of cryptocurrencies. The innovation in ATMs comes from the fact that Coinsquare obtained a controlling investment position in Just Cash, a fintech startup based in the US that has created the needed software that allows people to purchase crypto directly through regular ATMs. There is no need for any other hardware or software for users to do that.

According to the official press release, the upgrade will actually reduce the  friction for all stakeholders and easily allow people to purchase cryptos from traditional ATM machines without the trouble of even installing a special app.

This is what the CEO of Coinsquare said about the project:

Right now, there is a lack of mainstream cryptocurrency adoption because most people are intimidated by the process to acquire it. 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……By tapping into the existing global ATM network, cryptocurrency can finally reach the masses. We are bringing that familiar and trusted process into the cryptocurrency world, and vice versa, for the first time

The investment that Coinsquare made in Just Cash is undisclosed for now. It is known, however, that the US fintech company will join the Coinsquare brand and team to further develop the project.

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