Coinstar Partners With Coinme To Enable Bitcoin Purchasing Options For Users

cryptocurrency


Coinstar is the producer of a Kiosk that allows people to exchange loose change for cash and gift cards. The company recently partnered with ATM cryptocurrency startup, Coinme on a project that allows users buy Bitcoin. Bitcoin is now available for purchase by interested users on the Coinstar kiosks in Albertsons and Safeway stores in Washington, Texas and California. Coinstar invested a huge sum in Coinme as part of the partnership. However, the amount wasn’t disclosed.


Bitcoin Available For Sale In Coinstar Kiosks


At the time the announcement was made, Coinstar did not say how many out of its 20,000 kiosks worldwide will have Bitcoins available for purchase. However, it stated that customers will be able to purchase Bitcoins with fiat money for up to $2,500 at a time. After paying the cash, Coinstar will give the user a code that is redeemable on its website.


Bitcoin (BTC) Price Today – BTC / USD
Name Price
bitcoin
Bitcoin
$10,180.000.191%


This new service by Coinstar has been introduced during the bear market. It shows that even if the price of BTC is down by over 75% within a 12-month period, big time investors still believe in the technology. At the time of writing, BTC was in a sideways range between $3550 and $4200. It is currently trading at $3,648.68. This means it is up by 0.45% against the USD. The market capitalization is $63,808,084,960 and the trading $5,288,085,087 over a 24 hour period. Even as the trading volume of cryptocurrencies is falling, the speculators, selling off and retail investors are running away, the CEO of Coinme said that the industry is currently at its strongest. Neil Bergquist said:


“Individuals are no longer gambling on the future price of cryptocurrencies. Rather, they are leveraging digital currencies for inherent technological benefits thanks to blockchain technology.”


About Coinme


Launched in 2014, Coinme claims its Coinstar investments brought in about $4.5 million. The project brings profit in through cryptocurrency advisory services and transaction fees.


Out of the 4,000 Bitcoin ATMs that exist globally, Coinme has over 1,000 with Genesis Coin and General Bytes. The company is the ninth most influential cryptocurrency ATM operator. Bergquist said that even during the cryptocurrency winter, the number of Coinme ATMs in the world increased. In his words:


“Our customers are leveraging BTC as a medium of exchange for payments, a store of value for savings, and even as a gift to family and friends.”


Coinstar was initially owned by Outerwall. The company was founded in the year 1991. In 2016, it acquired Apollo Global Management. Apollo later split the business into three core parts: Redbox, Coinstar, and ecoATM. Each name started existing as a separate enterprise.


Over the years, Coinstar has continued to increase the efficiency and features of its kiosks. Not too long ago, it added a new feature that allows people make Amazon Cash deposits. Adding Bitcoin is the latest move the company has made toward improving its services.


Do you think it is a good idea for Coinstar to sell Bitcoin during this cryptocurrency winter?

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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