Customer Experience

LibertyX enables existing ATMs to exchange bitcoin for cash

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October 28, 2020

LibertyX, which operates 5,000 ATMs that sell bitcoin, has enabled participating ATMs that allow customers to convert bitcoin into cash in seconds, according to a press release.

"With the run-up in the price of bitcoin, consumers are looking for a way to sell bitcoin without dealing with wire or bank transfer delays," Chris Yim, co-founder and CEO of LibertyX, said in the release. "Consumers can now sell bitcoin for cash from the convenience of their local ATM. From Madame Tussauds in Times Square New York to Moab Tourism Center in Arches National Park, U.S. consumers can use LibertyX to buy and sell bitcoin nationwide."

Yim said there are almost 15,000 bitcoin ATMs across the U.S., but fewer than 2,000 allow consumers to sell bitcoin for cash.

"Our 'cash-out' product deployed across 5,000 ATMs triples the number of bitcoin ATMs where consumers can sell bitcoin, furthering our mission of putting bitcoin on every block," Yim said. "Consumers feel more comfortable buying bitcoin when they know they can easily and quickly sell it back for cash."

LibertyX partners with independent ATM operators who own and manage over 100,000 ATMs in the U.S. A free software update from LibertyX adds the ability to both buy and sell bitcoin to existing ATMs.

Kurt Karjalainen, owner of Premier Merchants Group, LLC, an ATM operator, said he can add bitcoin buying and selling on existing ATMs with a software update.