Coinsquare, a Canadian exchange acquires software that will enable traditional ATMs to sell cryptocurrency such as Bitcoin (BTC), as per a press release on July 3.
Coinsquare announced it had made an undisclosed amount in controlling investments in Just Cash, a US-based fintech startup. Just Cash has developed software that allows users to buy crypto directly from traditional ATM machines without any additional hardware.
The acquisition will see the Just Cash team join Coinsquare, and the Coinsquare brand be used. Cole Diamond, CEO of Coinsquare, explains that the new initiative is in line with the company’s goal to mainstream the cryptocurrency industry. Diamond says that crypto will “finally reach mainstream adoption” by allowing cryptocurrency purchases via ATMs.
Although Coinsquare does not give a specific number of ATMs it is looking to upgrade, the startup could offer crypto capabilities to millions of ATMs worldwide. Notes in diamond:
“Using the millions of ATMs all over the globe, we can now bridge that gap and offer new users an easy and familiar way to buy cryptocurrency. ATMs aren’t new to Bitcoin.
Coinsquare marches into the ATM zone. However, Vancouver in Canada is considering banning specialized bitcoin ATMs (BTMs). This is due to money laundering concerns.