CoinMover deployed a cryptocurrency automated teller machine (“Bitcoin ATM”) at Town Convenience located at 41 Main St., Stoneham, Massachusetts today, April 22, 2019.
As one of the newest entrants into the digital cryptocurrency ATM market, CoinMover offers customers the ability to purchase cryptocurrency for fiat money (e.g., buy bitcoin with cash) and send it to a mobile wallet on their smartphone. Some machines also offer the ability for users to sell their cryptocurrency back to CoinMover and withdraw money from the ATM.
Using a Bitcoin ATM
Registering for a CoinMover account requires just a smartphone for transactions under $750. For amounts over $750, federal regulations require scanning a government-issued ID at the machine. The huge growth in crypto ATMs come despite the crypto market decline since its high in December 2017.
CoinMover CEO Mike Scanlan said earlier, “People are adopting cash alternatives such as Bitcoin at a rapid pace. We’re proud of our launch today. We have big plans to grow our network throughout New England and proud to be the first in the Stoneham area. Our machines sell Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Monero (XMR), and DASH. We also offer great customer support and real-time registration right at the terminal.”
“Making cryptocurrency more accessible is the primary mission of CoinMover” commented Jim Murray, Executive Vice President of Sales & Marketing. “There are over 4,600 of these machines in the world and 2,900 in the USA, with an average of six new machines activated each day.”
Many of these machines, known as bitcoin ATMs, are used to send remittances overseas to friends and family. They’re faster and less expensive than traditional channels like Western Union or MoneyGram. In addition, the market decline in 2018 has not stopped innovation and development in this area. Therefore, it will continue at a rapid pace for the foreseeable future.
At the time of this release, the price of bitcoin was $5,325 USD, although you can buy bitcoin and other cryptocurrency with cash for fractions of a whole unit. For example, $300 will net you 0.056338 BTC in your mobile wallet.
Headquartered in Lynn, Massachusetts and founded in early 2018, CoinMover’s business goal is to provide its customers a simplified and safe experience while buying and selling digital currencies. CoinMover operates as a U.S. Department of Treasury FinCEN Registered MSB #31000136090594.