Kwik Trip, a Wisconsin convenience store, has partnered with Texas-based cryptocurrency firm. Coinsource to install 800 Bitcoin ATMs.
The batch of Bitcoin kiosks will be built in Minnesota, Illinois, and Iowa in addition to Wisconsin. They’ll be positioned in “convenient and easily accessible” areas. Customers are charged an 11 percent fee by the firm.
Bitcoin ATM fees are often considerably greater than those charged by traditional cryptocurrency exchanges. They are, nonetheless, quite popular among individuals who wish to cash out their crypto without having to go through the KYC process.
The anonymity afforded by Bitcoin kiosks has a big drawback in that it attracts criminals looking to launder their illegal cash.
Kwik Trip’s controller, Dave Wagner, maintains the ATM company has “industry-leading” compliance. Kwik Trip first opened its doors in 1965. In 1993, it extended to Iowa. In the year 2000, the Zietlow family became the sole owners of the store.
Kwik Trip will have 800 locations by 2022 (all of them are privately owned). Karuba, a brand of in-store coffee, and Nature’s Touch, a brand of bottled water, juice, other everyday items, are both owned by Kwik Trip.
The majority of Bitcoin ATMs are located in the United States. The United Kingdom went so far as to outright prohibit Bitcoin ATMs.
Despite the fact that Bitcoin kiosks have yet to achieve major popularity in Europe, their use has grown in several nations. After a successful trial, Media-Markt, Europe’s largest electronics shop, put crypto ATMs at various outlets in Austria last month.
Walmart, the American retail behemoth, stealthily launched 200 Bitcoin ATMs last year.
Not all cryptocurrency teller machines accept Bitcoin. Bitcoin America, one of the most popular crypto ATM providers, added support for Shiba Inu and Dogecoin earlier this year.
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