U.S.-based supermarket kiosk chain Coinstar, in partnership with blockchain startup Coinme, announced on April 24, 2019, that it is expanding the footprint of its bitcoin-buying service across 19 states and 2,000 locations in the country.
Bitcoin Fever Continues to Surge Through the U.S.
Coinme, a venture-backed fintech startup that is making it easier for people to buy bitcoin declared that it is going to ramp-up its digital currency business. The blockchain firm stated that it is going to increase the number of bitcoin kiosks across the U.S.
After becoming the first licensed bitcoin kiosk company in the U.S. in 2014, it didn’t take long for Coinme to transform into the largest service provider in the world. The partnership with kiosk chain Coinstar helped Coinme to increase its machine count from the initial 70 to more than 2,100.
Neil Bergquist, CEO and co-founder of Coinme, said:
“Our rapid growth is the result of our leadership in digital currency from the early days of the industry and our expanded ability to offer local kiosks for its purchase.”
He added:
“Through our relentless focus on customer success and product innovation, we have become the trusted, safe and secure global standard for digital currency exchange.”
Coinme initially launched its services in select Albertsons and Safeway outlets across California, Texas, and Washington.
The company’s cryptocurrency conversion service has so far received a healthy response, with its user acquisition growth rising 15 percent week over week.
Encouraged by such positive market feedback, the firm is now expanding locations to more than 19 states across the country, including key markets such as Boston, Chicago, the District of Columbia, and Philadelphia.
The startup added that it is going to enter new metro markets such as Austin, Houston, Los Angeles, San Diego, Seattle and will also form partnerships with other retailers including Jewel, Shaw’s, and Save Mart.
Jim Gaherity, the Coinstar CEO, noted:
“The response to being able to purchase bitcoin at Coinstar kiosks has been extremely positive with overwhelming demand by both consumers and new retailer partners.”
Off to a Healthy Start in 2019
Statistically, Q1 2019 has been one of the most successful quarters for Coinme in its five years of existence.
The firm recorded 38 percent growth in user acquisition, a 92 percent increase in transactions volume, and a staggering 109 percent growth in transactions processed vis-à-vis Q1 2018.
In related news, BTCManager reported on March 21, 2019, how crypto exchange Binance’s newly launched service called “Binance Lite” will allow Australians to purchase bitcoin for cash from over 1,300 stores.
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