More than 100 Coinstar kiosks in the greater Sacramento, California, now support Bitcoin purchase function after collaborating with Coinme.
Coinstar runs more than 21,000 kiosks in the U.S., providing automated service for changing fiat coins into paper cash. Following collaboration with crypto company Coinme, the company has integrated up to 3000 of its kiosks with crypto purchase functionality, of which more than 100 are now BTC-integrated.
Coinstar kiosks are available at strategic points in popular shopping centres and financial establishments across the U.S. They allow people to convert loose change into paper cash, use them for charity donations, or change them into e-gift cards.
Loose Change, Then Crypto Purchase
Coinstar has the largest kiosk network in the U.S. and integrating with Coinme will provide an opportunity for accommodating curious customers to crypto. Commenting on the development, Coinme CEO and Co-founder Neil Bergquist said:
“It’s very gratifying to meet the growing customer demand through our relationship with Coinstar, and we couldn’t ask for a better partner to help people access and utilize the power of digital currency.”
The kiosks will not only support Bitcoin purchase but other cryptocurrencies as well. Users will first need to dump their loose change and get the paper cash after deducting the fee. Consequently, they can use the paper cash to purchase Bitcoin or any other digital currency of their choice.
Coinstar CEO Jim Gaherity praised the move saying it would enable them to extend their services to new territories.
“There are 3000 Coinstar kiosk locations across the country that have the Bitcoin purchase functionality and the consumer response has been very positive. We are happy that the expansion continues with access now in the Sacramento area.”
How About Privacy Concerns?
The two companies have outlined the process of buying crypto using fiat, which is straightforward and simple. However, it involves vouchers and requires general KYC compliance including submitting photo ID and phone number. Users will have to create Coinme account to be able to access the service.
This might not go down well with some Bitcoin enthusiasts who would like to maintain their privacy. Following the concerted effort on crypto regulation by the IRS in recent months, as well as lack of clarity regarding the reporting process, many first-time users would shy away from using this service.