Bitcoin ATM provider LibertyX scooped up by Fortune 500 company NCR
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In more crypto adoption news, Bitcoin ATM provider LibertyX is set to be acquired by NCR Corporation, an Atlanta-based Fortune 500 software-and-services enterprise for the financial, retail and hospitalities industries.
NCR (National Cash Register) Corporation made the announcement of the “definitive agreement” today in a release on its website. The Boston-headquartered company said it intends to provide “complete digital currency solutions” for banks, retailers and restaurants through the use of the point-of-sale crypto kiosks.
NCR’s Chief Technology Officer, Tim Vanderham, said that “growing consumer demand” is what’s behind the company’s acquisition of the wide-reaching Bitcoin ATM operation.
“Our customers require a complete digital currency solution,” said Vanderham, “including the ability to buy and sell cryptocurrency, conduct cross-border remittance and accept digital currency payments across digital and physical channels. The LibertyX solution will accelerate our ability to rapidly deliver these capabilities to the market.”
Looking ahead, NCR is also planning to incorporate digital wallet and mobile applications to provide further crypto-transactional capabilities to work in harmony with the ATMs and other physical touchpoints.
“NCR is an industry leader in banking, retail and hospitality,” said Chris Yim, co-founder and CEO of LibertyX.
Yim added that he expects the partnership to “expand the scope, scale and reach” of the LibertyX software, which runs on sales terminals and scanners as well as ATMs.
LibertyX, founded in 2013, operates more than 10,000 ATMs across America.
Full financial details of the acquisition have not yet been disclosed, but the deal is expected to close later this year, according to the release.
Spike Lee, apparently. And maybe the time-travelling duo Bill and Ted. And, if the dramatic uptick in BTC ATM installation growth worldwide over the past two years is any indication, then a good many other crypto dabblers.
Based on the Coin ATM Radar chart below, there are currently 24,573 Bitcoin ATMs installed at various locations globally. This year alone has so far seen 10,584 ATMs installed, with thousands more set to come.
But, at this point, it’s perhaps doubtful that many well-established crypto users are rushing to use ATMs to “stack their sats” (satoshis – the smallest unit of Bitcoin). And this might be due to the high transactional fees generally associated (see table below) with using the machines at this point in time.
Still, it’s all good news from a wider adoption sense, as the ease-of-use that crypto ATMs provide could very well contribute to bringing in more of the retail crowd in the near future.
If nothing else, well-signposted point-of-sale transactions can be a highly effective means for keeping products (in this case cryptos) top of mind and helping to build a positive narrative.