Bitcoin ATM Network Coinsource Adds Georgia Machines

Announcements, News | December 4, 2017 By:

Bitcoin ATM network Coinsource has installed 20 new machines in the southern US state of Georgia. 18 bitcoin ATMs have been installed in Atlanta, and two machines in the nearby university town of Athens.

Coinsource said the installation is its single largest to date. It is a response to the demand in the region and bitcoin’s continual ascent in both value and adoption. Georgia now has a total of 101 bitcoin ATM kiosks, making it the third-largest US market for bitcoin ATMs, along with Chicago and New York.

The city of Atlanta is in the top ten of most unbanked cities in the country over the last five years, and more than one in ten households have no involvement with traditional banks, according to the Federal Deposit Insurance Corporation (FDIC).

“Around 30% of residents are under-banked, meaning they might have check accounts, but have to rely on other kinds of services like pawn shops, check-cashing and payday loan companies to get cash and credit, said Coinsource CEO Sheffield Clark.

The ATMs were installed near high traffic areas, as well as close to the Georgia State University and Emory University in Atlanta, and the University of Georgia in Athens. 16 of the new machines are for buying bitcoin only, while 4 have both buy and sell functionality.

Clark said this is a major opportunity not only for the company but for the cities of Atlanta and Athens as well. He noted that Atlanta is one of the most mature bitcoin ATM markets in the country so it’s exciting to provide their services to people already showing accelerated adoption of the technology.

“Our goal is to give everyone the equal ability to access bitcoin, particularly in times of record demand, and participate in this soaring new economy, said Clark. “Part of making this marketplace accessible is making sure our fees are less than half that of any other operator, and customers will be given fee-free transactions for first-time use of any new machine.”

Coinsource also announced an online enrolment system that allows new customers to sign up before they even visit a machine. Customers that enroll this way will have a fee-free experience for their first transaction.

Coinsource now has 136. The company also has bitcoin ATMs in California, Oklahoma, Nevada, Texas, Louisiana, Missouri, New Jersey, New York, Pennsylvania, Tennessee and Arizona.