Bitcoin ATM business booming as Coinsource expands to 600 machines

In less than a week, the record for most Bitcoin ATMs operated under a single network has been broken again. Coinsource, a Texas-based ATM provider in business since 2015, announced yesterday that it has doubled its network to 600 crypto ATMs.

“It took us 4 years to deploy 300 machines, but it took less than two months to reach 600,” Coinsource CEO Sheffield Clark said in a press release.

The push from Coinsource may have something to do with last week’s news that its primary competitor, Bitcoin Depot, had become the first network provider to surpass 500 ATMs. 

Coinsource bills its Bitcoin ATMs as a platform as a service (PaaS), similar to software as as a service (SaaS), which provides ATM buyers access to compliance and licensing help, customer support, and armored car services. 

The company also said that they have partnered with traditional ATM providers, such as National Cash, as legacy players have found it difficult to navigate new crypto regulations. 

“Because of the endless regulatory hurdles and expenses traditionally associated with Bitcoin ATMs, it has been extremely difficult for ISO’s (independent sales organizations) to enter the BTM (bitcoin teller machines) space,” National Cash’s Vice President of Operations Jessica Jay said in a statement.

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“Coinsource has created a model that integrates seamlessly with ISO’s and ATM operators, providing a fully compliant SaaS model which allows us to overcome regulatory roadblocks,” Jay said.

While Bitcoin ATMs have gained a reputation within the last few months as a tool for money launderers, Coinsource says its product is certified under New York State’s Virtual Currency License and is fully compliant with know your customer (KYC) and anti-money laundering laws. 

As of today, there are now 6,780 Bitcoin ATMs in the world, according to Coin ATM Radar, a website that tracks the industry.