Payments

GoldATM intros gold bill dispensing ATMs

January 31, 2024

GoldATM plans to unveil its gold dispensing ATMs. These kiosks will provide Goldback bills, made of 24-karat gold with the flexibility of cash. This currency is considered as "Specie Legal Tender" in Utah, Nevada, New Hampshire, Wyoming and South Dakota, according to a press release.

"The Goldbacks our Gold ATMs dispense are not a promise of gold, they are the gold, which can be easily used to save, store, exchange to dollars or even used to make payments at the steadily growing list of more than 1,000 merchant locations in Utah that accept the bills as a legal alternative currency," Andrew Carey, co-founder and CEO, said in the press release.

Other states such as Florida and Texas are also considering legislation for Goldbacks.

"Gold is more popular than ever with rising inflation," Carey said. "Costco reportedly sold more than $100 million of 1-ounce gold bars last fiscal quarter and had to limit purchases to two bars per customer because of overwhelming demand. Most gold bars have a minimum investment barrier of $2,000 which is out of reach for most people who just want to buy smaller amounts. Our Gold ATMs allow customers to buy as little as $20 of gold and to dollar cost average over time. We are serving a part of the retail gold market that has never been properly served before via a distribution method as familiar as an ATM."

The company plans to deploy thousands of Gold ATMs in the U.S. over the next two years, Carey said.

Video provided by GoldATM.