As cryptocurrencies move forward towards taking over traditional monetary function, demand for innovative products and solutions is rising. Especially, the demand for products facilitating ease of buying and selling cryptocurrencies is on the rise, because the ratio of non-technical investors is growing in the crypto space.
Therefore, demand for crypto ATMs is on the spike, mainly in regions where the market is expanding fairly quickly. North America is one such region, however, which still remains heavily under-served. To capitalize on the supply void, Canadian Crypto ATM provider Localcoin has decided to enter the US market. The company will install its first ATM in Philadelphia, Pennsylvania.
The announcement came via an official post on its website, where Localcoin stated that the move will make it the only Bitcoin ATM provider in Canada and the United States. Commenting on the company’s move, Localcoin Co-founder Jay Pandher said,
Localcoin has been looking into expanding across borders for some time, and after some research into the United States cryptocurrency market, we felt that Philadelphia was the best place to start. With this expansion, this will put Localcoin at the forefront as the first North American Bitcoin ATM provider. I am incredibly proud of the company and team because this is an amazing accomplishment and the first of many milestones.
Localcoin will install 10 ATMs in the first phase in the city. These will be installed at Westbrook Getty Food Mart; Lucky Star Food Market; Oregon Zone; Philly Xpress Food Market; South Street Market; Lahasa Quick Mart; Convenient Food Mart; Lukoil; Today Mini Market; and Roslyn Food Mart.
Bitcoin continues to dominate the crypto ATMs too. As per a recent survey, out of the total 4,654 active crypto ATMs in the world, 4,649 support Bitcoin. This doesn’t come as a surprise, as the world’s biggest cryptocurrency also happens to be the most traded one.
Crypto markets across the world have witnessed a surge in demand for the last few months, and therefore, crypto ATMs have become even more important from a growing market’s perspective. Apart from ATM services, Localcoin also provides services like credit card payments, over-the-counter trades, and prepaid credit cards.