Automated teller machine (ATM) provider NCR Atleos has debuted its LibertyX Bitcoin Cashout feature that will allow customers in the United States to receive cash from Bitcoin sales from their ATMs. Customers will use an app to “pre-stage” the transaction and pick up their money at an ATM of their choice.
App users will select the ATM they wish to use, send BTC for sale to an address provided by the app and use an access code at the ATM to receive US dollars for the sale of the BTC.
Changing BTC to cash at the corner shop
The new feature will be rolled out in “more than 30 states to start,” according to a statement. The participating ATMs represent a fraction of the over 280,000 ATMs Atleos operates in the United States. LibertyX general manager Chris Yim said:
“One of the remaining barriers to greater bitcoin adoption by consumers has been the ability to move easily and effortlessly from bitcoin to cash without waiting days for transfers facilitated by ACH or dealing with the complexity of wire transfers.”
Participating ATMS must be equipped with the Atleos’ ReadyCode application programming interface (API). There is a $400 limit on cash withdrawals using the BTC sale access code, but sales can be made using multiple codes.
The LibertyX BTC ATM network. Source: LibertyX
Related: Economics of Bitcoin ATM market could hinder wider adoption
Innovating in a complex market
LibertyX holds a New York BitLicense. It already enables BTC purchases at more than 30,000 ATMs. It has long held ambitions to launch a digital-to-physical bridge using its Bitcoin (BTC) ATMs, announcing its intentions in 2020. However, it was Atleos’ API that made the feature possible. NCR bought LibertyX in 2021. NCR split into two units in 2022, with Atleos taking over the ATM trade.
Although BTC ATMs can earn significant income for the merchants hosting them, regulatory barriers can be daunting for their operators. The BTC ATM installation rate turned negative in July, with more ATMs going offline than coming on, reversing a 10-month trend.
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