Canadian exchange Coinsquare has acquired software allowing traditional ATM's to sell cryptocurrency like bitcoin, acquiesce to a press release on July 3rd.
Coinsquare announced a controlling investment in Just Cash, an United States based Fintech startup that has developed a software that allows people to buy on demand with additional hardware or mobile application.
Coinsquare CEO Cole Diamond says that the new initiative reflects the company's mission of bringing mainstream adoption to the crypto industry. According Diamond, enabling crypto purchases through ATM's will make cryptocurrency "finally reach the masses."
Though the press release does not specify how many ATM's Coinsquare is targeting for the upgrade, the startup nevertheless can now offer crypto capabilities for million of existing ATM's around the world.
"Bitcoin is new and unfamiliar to many, but ATM's are not. By using the millions of existing ATM's around the world, we can now bridge the gap and give new users the easiest and most familiar experience to purchase cryptocurrency."
The news comes amid a recent report on Canada's city of Vancouver considering a ban of specialized bitcoin ATM's due to money laundering concerns.
Earlier this year, Coinsquare announced the launch of its own stablecoin backed by the Canadian dollar. In late 2018, the company expanded its business to 25 countries in Europe, to reports that Coinsquare laid off around 30% of its employees in January 2019. In late June, Cointelegraph reported that the total of BTM's reached 5,000 in about 90 countries.
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