Canadian Startup Wants to Upgrade Millions of ATMs to Sell Bitcoin

Canadian exchange Coinsquare has acquired software that allows traditional ATMs to sell cryptocurrencies such as Bitcoin (BTC), according to a press release July 3.

Coinsquare has announced a controlling investment in Just Cash, a US-based fintech startup that has developed software that allows users to purchase crypto directly through traditional ATMs without the need for additional hardware or a mobile app.

Following the investment of an undisclosed amount, the Just Cash team will join Coinsquare and operate under the Coinsquare brand.

Coinsquare CEO Cole Diamond said the new initiative reflects the company’s mission to bring mainstream adoption to the crypto industry. According to Diamond, enabling crypto purchases through ATMs will allow cryptocurrencies to “finally reach the masses.”

While the press release did not specify how many ATMs Coinsquare is targeting for the upgrade, the startup can now offer crypto capabilities to millions of existing ATMs around the world.

“By using the millions of existing ATMs around the world, we can now close the gap and provide new users with the easiest, most familiar experience for buying cryptocurrency. Bitcoin is new and unfamiliar to many, but ATMs are not.”

The news follows recent reports about the Canadian city of Vancouver considering banning dedicated Bitcoin ATMs (BTMs) due to money laundering concerns.

Earlier this year, Coinsquare announced the launch of its own Canadian dollar (CAD)-backed stablecoin. In late 2018, the company expanded its operations to 25 countries in Europe, following reports that Coinsquare laid off around 30% of its employees in January 2019.

In late June, Cointelegraph reported that the total number of BTMs reached 5,000 in approximately 90 countries.