As an analyst with over two decades of experience in the financial sector and a keen interest in emerging technologies, I find the partnership between CoinFlip and Yesway an intriguing development. The expansion of cryptocurrency ATMs into mainstream convenience stores is a significant step towards mainstream adoption of digital currencies.
CoinFlip joins forces with popular convenience store chain, Yesway, to place cryptocurrency machines throughout their U.S. stores.
On September 12th, CoinFlip revealed plans to install their digital currency dispensers, often called “Bitcoin ATMs,” in 45 Yesway and Allsup retail stores spread across the U.S. states of Texas, South Dakota, New Mexico, Wyoming, and Iowa.
Indeed, one of the rapidly expanding convenience store networks in the United States, known as Yesway, manages more than 435 stores spread across nine different states. This enterprise encompasses not just one brand but two: Yesway and Allsup’s. The latter was incorporated into its collection after an acquisition that took place in 2019.
This alliance intends to offer a hassle-free, streamlined, and safe method for Yesway customers in these regions to both purchase and trade eight distinct cryptocurrencies, such as Bitcoin, as stated by Josh Allen, Group Vice President of Global Kiosks and International at CoinFlip.
1) CoinFlip provides digital currency automated teller machines (ATMs), often referred to as kiosks, equipped with touchscreens where users can conveniently purchase or sell cryptocurrency using only cash. At present, the company has deployed its cryptocurrency transaction machines in a total of eight countries excluding the U.S., making it the second-largest crypto ATM provider worldwide, responsible for 13.6% of all such machines globally.
In the past month, our company finished its growth in North America by introducing cryptocurrency Automated Teller Machines (ATMs) in Mexico. We set up a total of 20 new machines throughout Mexico City, strategically positioning them in bustling locations such as shopping malls and coffee shops.
Crypto ATM growth spurs illegal activities and regulatory action
By the 11th of September in this year, I’ve found that there are approximately 38,260 cryptocurrency Automated Teller Machines (ATMs) scattered worldwide. This number has been steadily climbing since July of this year, yet it has yet to surpass its peak of nearly 40,000 reached back in December of last year.
The rapid expansion of cryptocurrency Automated Teller Machines (ATMs) has unfortunately led to a significant increase in fraudulent activities and scams. As per the Federal Trade Commission, the financial losses due to these schemes have increased almost tenfold from 2020 to 2023, reaching over $65 million just within the first half of 2024. Notably, older adults are at the highest risk in this context.
In the U.K., it’s been made clear by the Financial Conduct Authority that any cryptocurrency Automated Teller Machines (ATMs) are considered illegal unless they have been officially registered with the regulatory body. The regulator has taken its first step towards enforcing this rule, charging an individual for operating a network of unregistered crypto ATMs.
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2024-09-12 15:26