Friday, 05 June 2020

LibertyX expands Bitcoin ATM network into the desert

Boston-based LibertyX, a company that makes software that enables regular non-bank ATMs to dispense bitcoin, has partnered with independent ATM operator DesertATM to add 90 machines to its network.

LibertyX's software works on traditional, cash-dispensing ATM machines, specifically ones manufactured by Genmega. Once the software is loaded onto a Genmega machine, users can use the machine to purchase bitcoin with a debit card. The machines continue to dispense cash as well.

DesertATM, located in Phoenix, already has 250 ATMs machines throughout Arizona and Nevada and will upload LibertyX on 90 of its Genmega machines to bitcoin-enable them. Locations include AMPM, ARCO & Chevron gas stations and Family Dollar retail stores, according to a company press release.

"I download the software from the Genmega website and go around to my machines and upload the latest version," Dan Laitala, owner of Desert ATM, told ATM Marketplace. "Not all Genmegas have LibertyX. We do some extra programming, so the machine can talk to the banks and the transactions go through."

Laitala looked at a variety of bitcoin-dispensing solutions before settling on LibertyX.

"There is no software cost for Liberty. And because I own the hardware, I get a small transaction fee," he said.

LibertyX and Genmega teamed up in November 2018, and began onboarding ATM operators in early 2019. Genmega adds the bitcoin-buying feature to the ATM only if the operators offering the services are willing.

"We partner with ATM operators that already have routes/locations to offer our services on their machines," LibertyX CEO Chris Yim told ATM Marketplace.

With LibertyX, consumers choose a bitcoin wallet, download the LibertyX mobile app, create a free account and provide their bitcoin addresses. They visit a participating Genmega ATM, click the LibertyX button on the ATM and complete the transaction onscreen.

According to Yim, the LibertyX network spans thousands of locations across 43 states and allows consumers to buy bitcoin from a cashier, an ATM using their debit card or a kiosk, the company said. Users can purchase up the $3,000 worth of bitcoin at a time.

Earlier this month, Canadian crypto exchange CoinSquare announced it was deploying a similar service on non-bank ATMs throughout the U.S. via a partnership with software provider Just Cash.

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