The Canadian cryptocurrency trading platform Coinsquare announced the purchase of a controlling stake in software maker Just Cash.
It is reported that this acquisition will allow the company to deploy cryptocurrency transactions in traditional ATMs in the United States. Just Cash has developed an ATM upgrade software for selling cryptocurrencies using a customer debit card without the need to update the hardware of the device.
About 250,000 ATMs that do not belong to traditional financial institutions can potentially be upgraded using this feature. Coinsquare CEO Cole Diamond said that at the moment the technology has already been introduced in some ATMs, and the integration process will continue until the end of next year.
In partnership with two of the three major manufacturers of such ATMs – Nautilus Hyosung, Triton and Genmega – Coinsquare expects to implement the technology in approximately 170,000 devices in almost all 50 states.
“We will double the number of cryptomatics in the world within a year,” said Diamond.
Users will be able to buy and perform operations with cryptocurrencies directly through their bank accounts. At the end of the operation, the device will issue a printed receipt with the user’s private and public keys – “in fact, your paper wallet”.
The company’s roadmap includes full expansion in the United States in 2020, and ATMs are the starting point. Just Cash software will “support the efforts to work with regulators” that Coinsquare is taking while waiting to enter the market.
Diamond hopes that ATMs will serve as an effective way to attract new users to the cryptocurrency industry. “Right now there is no mass distribution of cryptocurrency, because most people are intimidated by the process of their acquisition,” he said.
Coinsquare’s CEO also noted that this function “bridges the gap” between traditional banking operations and the cryptocurrency industry, although he does not expect software integration with banking partners in the near future.
“First, we need to make sure that banks want to use it. Until banks dare to work with cryptocurrencies, ”he said, adding that ATMs owned by traditional financial organizations require the development of additional software updates, since each organization uses its own software.
The number of cryptometes and their popularity in the world continues to grow. DigitalMint recently installed cryptomattes at 20 Circle K stores in the United States, and earlier this year Coinme and Coinstar expanded their options for buying bitcoins for cash in the United States and installed more than 2,000 kiosks for buying BTC for cash.