Over 100,000 ATMs Now Let You Buy Bitcoin With a Debit Card in the U.S.

Debit card Bitcoin purchase via regular ATMs are now a reality in the United States. This development foregrounds the recent partnership between Genmega and LibertyX. The collaboration allows people to buy Bitcoin from numerous cash machines using their debit cards.


Buy Bitcoin Using Debit Cards Via ATM

According to a press release published by Finextra on Monday, October 15, 2018, all Genmega ATMs in the country are now essentially Bitcoin ATMs. Based on the partnership, Genmega ATMs will now offer LibertyX as an added feature. This update makes it possible to make debit card Bitcoin (BTC) 00 purchases from any Genmega cash machine in the U.S.

This development is the first of its kind in the United States. According to Coinatmradar, there are over 2,300 BTC ATMs in the country. With this latest partnership, the over 100,000 Genmega cash machines in the U.S. can now function as BTC ATMs.

Commenting on the partnership, LibertyX co-founder and CEO, Chris Yim, said:

We have been working tirelessly to make it easier to buy cryptocurrencies for the last five years and now are bringing simplicity, convenience and trust to the cryptocurrency purchasing experience through the timeless ATM.

One fundamental benefit of this new arrangement is the simplicity it brings to the BTC purchasing process. Most people familiar with how to work a cash machine should have little problems buying BTC from a regular ATM using this LibertyX interface.

Genmega senior vice president, Wes Dunn, expressed the belief that the new arrangement benefits all stakeholders, saying:

ATM operators are always looking for ways to grow volume and transactions. We are excited to work with LibertyX on this new initiative that will drive additional foot-traffic to merchant locations and provide added revenue to our operators ‒ ensuring they stay ahead of the market and bring added value to consumers.

The Retail Cryptocurrency Payment Arena Is Expanding

This new development is another example of the rapidly expanding cryptocurrency payment arena. Albeit a BTC purchasing avenue, it isn’t that much of a stretch to imagine similar upgrades being made to point-of-sale devices (POS) and other retail money outlets.

Dubai recently partnered with Pundi X to enable residents to pay their bills, school fees, and retail payments via XPOS devices using emCash — the state-backed cryptocurrency. Pundi X also plans to expand the reach of its legacy XPOS devices to other places in the world.

What are your thoughts on ATM debit purchases for Bitcoin? Don’t hesitate to let us know in the comments below!


Images courtesy of Genmega, Shutterstock.

Bakkt CEO: We’re About To See A Cryptocurrency Revolution

The CEO of Intercontinental Exchange’s (ICE) forthcoming cryptocurrency trading platform Bakkt has said she wants to deliver a “revolution” in the sector in a similar way to energy trading fifteen years ago.


Crypto ‘Revolution’ Matches Early 2000s Energy Market

Speaking to Fortune following news Bakkt had hired former Coinbase vice president Adam White as COO, Kelly Loeffler forecast a repeat performance of ICE’s market-making moves last decade.

Bakkt,  set for launch next month, has generated considerable interest since its announcement in late July.

“The digital market is fragmented like the energy market in the early 2000s. ICE was the pioneer attracting more and more institutions to trade energy, which is what created today’s liquid market,” she told the publication.

“We’re about to see a revolution on the same scale in cryptocurrencies.”

Bakkt intends to avoid unpopular leveraged and non-custodial trading products for its increasingly broad institutional investor base, alleviating some concerns from cryptocurrency industry figures that a lack of physical interaction with Bitcoin 00 itself would ultimately damage its profile and success.

Highlighting a suite of features unveiled in a blog post on Monday, Loeffler, added, provided additional reassurance.

“These points should also eliminate misconceptions regarding commingling, leverage and rehypothecation, which are not features of our offering,” she wrote.

White Eyes Technical Fundamentals

Coinbase itself is also actively seeking ways to attract the institutional market, launching its Coinbase Pro platform earlier this year and confirming it would build out its functions with new crypto-assets going forward.

ICE will now compete with offerings from Wall Street stalwarts Morgan Stanley, Citigroup and Goldman Sachs, all of which have said they intend to become active in the trading sector.

White meanwhile repeated the commonly-heard narrative about the space in its current form: that institutional investor interest is real, but many are biding their time waiting for suitable support.

“…But the level of infrastructure of the existing trading sites often didn’t meet their expectations. That’s why they’re waiting on the sidelines,” he told Fortune.

“…Cryptocurrency markets go their own way, we see bull and bear markets. But what matters is that the number of daily transactions for all cryptocurrencies is up year over year.”

What do you think about Bakkt’s hiring and forecast? Let us know in the comments section below!


Images courtesy of Shutterstock

Fidelity Will Open Cryptocurrency Trading to Its 27 Million Customers

On the heels of a massive 10% price jump in Bitcoin (BTC) 00 and after a rocky week for the stock market, Fidelity has announced plans to store and trade digital currencies for their institutional clients.


Currently, Fidelity manages $7.2 trillion dollars in total assets, and services more than 27 million customers.

Fidelity is leading the United States in 401(k) retirement savings plans, and is one of the largest 403(b) retirement plan providers for not-for-profit institutions.

Just last week, we saw Nouriel Roubini testify against Bitcoin and cryptocurrencies, calling them a “big scam” and a “bubble.” It’s interesting that an economics professor will testify against Bitcoin, while one of the largest and most conservative investing companies in the world will be offering an institutional platform for their clients.

This makes you question the motives and intentions of an economics professor, who has been tweeting against Bitcoin for nearly 5 years. Anyone who had listened back then would have missed out on a 30,000% opportunity cost.

This is also following the news that Goldman Sachs and others large banking institutions are also moving into the space.

Fidelity’s entrance into crypto is just another notch in the belt for Bitcoin and the cryptocurrency market’s legitimacy.

Fidelity

Starting out, Fidelity will only be open to professional traders and hedge funds. It will first deal with Bitcoin and Ether, the #1 and #2 market cap coins in the space. However, it plans on adding more cryptocurrency assets down the road.

This isn’t the first experiment that Fidelity has lead into cryptocurrencies. They’ve had a lot of experience with mining Bitcoin and implementing digital ledger technology into their trading platform as their CEO had been pushing for it since she joined Fidelity.

According to  Tom Jessop, the founding head of Fidelity Digital Assets, “Family offices, hedge funds and other sophisticated investors are starting to think seriously about this space.”

We started exploring blockchain and digital assets several years ago, and those efforts have been successful in helping us understand and advance our thinking around
cryptocurrencies […] The creation of Fidelity Digital Assets is the first step in a long-term vision to create a full-service enterprise-grade platform for digital assets.

Cybersecurity will be one of the company’s main focuses in order to prevent hacks and to create a vaulted “cold storage” custody solution for their clients.

Fidelity also spoke about exactly what else they will be focusing on in their press release.

With any new asset class and marketplace, maturity comes when the infrastructure is built. Having one of the most well-known investing companies like Fidelity joining the cryptospace is another sign that you should not sleep on Bitcoin as a potential long-term investment.

In a quote with CNBC, Jessop said, “No one said when some of these early stage Internet companies in 2000 were going out of business ‘gee the Internet is toast’.” He then added, “We don’t focus too much on the price. It’s a foundational technology — people are trying to get exposure to the trend, and expect volatility in the assets themselves.”

Will Bitcoin be the risk off hedge for institutional clients as volatility across the world remains high with trade tensions, currency problems, and rising debt?  Only time will tell.

Disclaimer:  The views expressed in this article are the personal opinion of the author and do not reflect the views of Bitcoinist. The information in the article should not be taken as financial advice.]

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What are your thoughts on Fidelity’s embrace of crypto? Don’t hesitate to let us know in the comments below!


Images courtesy of Bitcoinist archives, Fidelity.