Coinme Enters Its 49th State, Installing Bitcoin ATMs in Vermont Grocery Stores

A Coinme kiosk is now available within five miles of 90% of the American population.

Apr 26, 2022 at 1:00 p.m. UTC
Updated Apr 26, 2022 at 1:33 p.m. UTC

Coinme’s bitcoin ATMs have finished the New England sweep.

Coinme said Tuesday it is launching bitcoin (BTC) ATMs across Vermont. The exchange will add 23 kiosks, supported by its partner Coinstar, a change sorting company, to grocery stores across the state, CEO Neil Bergquist told CoinDesk.

“The headline of the Bitcoin whitepaper is a peer-to-peer electronic cash system. And literally what we're doing is being a gateway to an electronic cash system. But you gotta be able to turn cash into electronic cash in order to do that,” Bergquist said in a phone interview.

Coinme allows users to buy up to $2,900 bitcoin with cash at around 21,000 Coinstar kiosks across the U.S. It's an alternative to buying and selling their bitcoin online popular among people who pay remittances, according to Bergquist.

The kiosks, however, charge 4% in transaction fees – much higher than buying on the vast majority of online exchanges

Paying with greenbacks comes with downsides. A reporter visited a local Coinme kiosk on Monday night to test out the service; the machine would not accept cash.

According to Bergquist, Coinme’s 100,000 customers generally visit a kiosk nine times a year; they purchase $600 on average. He noted that larger states drive higher sales volumes.

Bergquist noted that 90% of the U.S. population lives within five miles of a Coinme kiosk.

But one state is absent from the list: New York. Its population of 19 million is governed by a crypto licensing regime more stringent than much of the country.

Coinme opened its first Coinstar bitcoin kiosk in May 2014. Now in 49 out of 50 states, Bergquist said that Coinme hopes to expand into New York.

"The license application is still pending,” he said.


Read more about
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
How the US Can Establish Itself as a Crypto Leader

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

CoinDesk - Unknown
2
CoinDesk - Unknown
No, the UK Is Not Going to Make USDC and USDT Legal Tender

For “legalize” read “regulate.”

For “legalize” read “regulate.”

CoinDesk - Unknown
3
CoinDesk - Unknown
Thoughts From Davos

The crypto industry showed up in force at the World Economic Forum’s annual meeting.

The crypto industry showed up in force at the World Economic Forum’s annual meeting.

CoinDesk - Unknown
4
CoinDesk - Unknown
Bitso, primer unicornio cripto de América Latina, despide a 80 empleados

El exchange, que tenía más de 700 empleados antes de los recortes, cuenta con cuatro millones de usuarios en la región.

El exchange, que tenía más de 700 empleados antes de los recortes, cuenta con cuatro millones de usuarios en la región.

CoinDesk - Unknown