Circle K to Partners With Bitcoin Depot To Deploy Bitcoin ATMs in Stores
Convenience store chain Circle K has announced a partnership with Bitcoin Depot to deploy bitcoin ATMs to its stores in US and Canada, with over 700 machines already in place.
According to today’s press release, the convenience store chain Circle K will deploy bitcoin ATMs in its stores through a partnership with Bitcoin Depot. The international collaboration will span across the U.S. and Canada, with over 700 bitcoin ATMs already installed.
Bitcoin Depot CEO Brandon Mintz commented on the partnership:
“We’re thrilled to create a long-term, strategic partnership with Circle K and to expand our footprint internationally with a global leader in convenience and fuel retail”.
“Circle K understands that cryptocurrency will be a growing part of the future economy and payments landscape. By adding Bitcoin ATMs to the company’s stores, Circle K can attract new customers to their stores, offer financial access to underserved communities, and set themselves apart from other retailers with this new technology.”
The partnership, will enable Circle K’s customers to easily purchase bitcoin at their local neighborhood Circle K. But, here are some tradeoffs, such as bitcoin ATMs hefty fees for the convenience provided.
Bitcoin Depot, an extensive network of bitcoin ATMs with over 3,000 units, isn’t very transparent of its fee structure on its website. According to a Reddit user and a researching website the Bitcoin Depot can charge nearly 20% in fees for BTC purchases at their ATMs.
Another significant tradeoff with bitcoin ATMs relates to know-your-customer (KYC) procedures, and Bitcoin Depot is no exception. On its website, the company claims that customers who purchase less than $250 of BTC only need to verify their phone number. However, for bigger purchases, Bitcoin Depot ATMs will ask for a form of personal ID to be submitted, such as a driver’s license.
Despite all tradeoffs, bitcoin ATMs can provide an important option to buy bitcoin, especially for underserved communities. Popular onramps such as regulated exchanges or peer-to-peer markets, for instance, often require access to the banking system. But a bitcoin ATM cuts down that need and facilitates the process, providing a convenient bitcoin purchasing solution that requires only cash and a phone number.
