Supermarket kiosk chain Coinstar is expanding the footprint of its bitcoin-buying service to more than 2,000 locations in 19 different states.
The service, through a partnership with blockchain startup Coinme that offers individuals the ability to convert cash into bitcoin, has expanded from an initial 70 machines to some 2,100 different kiosks, Coinme announced Wednesday.
Further, while the partnership initially enabled kiosks in Albertsons and Safeway stores, customers can now access the buying option in Jewel, Shaw's and Save Mart locations, according to a press release.
Coinstar CEO Jim Gaherity said in a statement that his company saw an "extremely positive" response to the initial announcement in January 2019. At the time, Coinstar announced that customers could purchase bitcoin using U.S. dollar bills, though coins would not be accepted for such transactions. The company imposed a $2,500 limit.
Wednesday's press release explained that the partnership's initial launch saw a 15 percent week-over-week growth in user acquisition, the release noted.
Moreover, the first quarter of 2019 "has been one of the most successful in Coinme's five-year history," with 92 percent growth in transaction volume and 109 percent growth in the number of transactions processed, compared to the first quarter of 2018.
"We are incredibly pleased with this collaboration with Coinme and are eager to continue expanding to new markets in the coming months," Gaherity added.
Image via Ijon / Wikimedia Commons
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.