Rise in Crypto ATM Installations Seen Across Minnesota
Although they may seem like typical ATMs, these Bitcoin ATMs have been installed across the Twin Cities by entrepreneurs attempting to gain profits from mainstream consumers.
BTC ATMs have been placed in various locations within the Minnesota area most notably in convenience stores or vaping shops by businesses planning to gain profits from customers who otherwise would not have easy access to local crypto trading.
With these ATM replicas, purchasing cryptocurrencies such as bitcoin from a local corner shop offers a variety of solutions for crypto users acting as a method for transferring funds or used in place of traditional bank accounts. Given the volatile nature of the crypto market, users are utilizing bitcoin as a type of investment purchasing them in much the same way as a lottery ticket would be bought.
Satisfying a Growing Crypto Consumer Need
According to Bill Repasky, lawyer with Louisville Law firm, Frost Brown Todd, the rise in digital currency ATMs throughout the country satisfies the growing need for consumer convenience in the form of quick stop kiosks. The firm offers legal services for operators of BTC ATMs. He noted that these machines facilitate consumer impulses to purchase cryptocurrencies more than if they had visited an online digital exchange or crypto website.
As the Minnesota area has yet to establish policies governing digital asset activity or more specifically, bitcoin ATMs, the MDC’s deputy director, Julia Miller, explained that this form of investment offers minimal options for protection that are traditionally offered by fiat based banks. She noted that the MDC urges users to purchase with caution and always understand the associated risks digital assets present due to their volatility and untraceable nature.
Within a year the Twin Cities area has seen twelve crypto ATMs installed by two competitive companies targeting crypto consumers. In January of this year, an LA-based crypto business called Coin Cloud set up eight of these machines across the metro region with plans to install many more. Chris McAlary, the Chief Executive Officer at Coin Cloud explained that their process included renting out spaces in local 24-hour shops for an average of $300 per month. Similarly, Chicago-based DigitalMint has begun installing four machines in the area as well as one within Rochester.
When asked about his experience with the crypto ATM, store manager Assad Awaijane, explained he was keen to provide Coin Cloud with a location in his store. As his son is also a crypto user, Aeaijane understood the implications of the rising trend throughout the country.
Coin Cloud’s CEO explained that digital assets are comparable to online money, operating in a decentralized manner with which users can acquire without the need for bank accounts to complete transactions.