Chicago Receives 30 New Bitcoin ATMs

Atlanta-based company, Lux Vending, which has been operating under the brand, Bitcoin Depot, has installed 30 Bitcoin ATMs (BATMs) in Chicago.

The new machines will help people to buy and sell Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Additionally, the move is aimed at encouraging the adoption of cryptocurrencies and compete with the other cryptocurrency companies in the area.

Reportedly, Bitcoin Depot has delivered 30 Bitcoin ATMs to Chicago since the year began. The company has been said to compete with several BATM operators in the U.S. state. This can be attested to the fact that Bitcoin Depot has 200 kiosks in the city alone, which is higher than any other region in the U.S except its headquarters, Atlanta.

Chicago is becoming a major city for cryptocurrency usage and the companies are starting to notice the growing potential for increased profit that can be reaped from the city. As such, companies are swooping in to take a bigger share of the metaphorical pie.

According to Brandon Mintz, Bitcoin Depot’s CEO, Chicago has become the major city where the company’s machines are located. He also added that the area has a niche customer base. Asides that, other companies in the crypto industry that have settled in the region are ErisX and SeedCX, two trading platforms. Coinbase, a cryptocurrency exchange also has an outpost in the city to cater to its customers.

The users of these Bitcoin ATMs, on the other hand, exchange the US dollars for digital currencies. These virtual currencies are then used for the purchase of goods and services online. However, many have complained about the high fees usually applied in transactions.

In this case, some companies have been known to charge as high as 10 to 20 percent of the total amount deposited in dollars. Nonetheless, Bitcoin Depot has set up an initiative to reduce this fee for an unspecified amount of time. Hopefully, this will help to encourage more people to take advantage of these machines.

There are quite a few factors working behind the scenes to make the new ATMs popular, but some of them include their ease of use and convenience in comparison to making purchases from exchanges. Besides, a user can avoid the signup and Know Your Customer procedures usually required by digital assets exchanges.