Considering the emerging opportunities in the US for Bitcoin as an alternative financial option, as proven by the activities of already installed BTMs, Coin Cloud plans to continue its rapid expansion nationwide.
With over 15 Bitaccess BTM kiosks, Coin Cloud claims to be the largest Bitcoin ATM (BTM) operator on the west coast.
Banking limitations creates demand for Bitcoin
According to Coin Cloud CEO, Chris McAlary, every day Coin Cloud sees huge demand for Bitcoin in the U.S. among the unbanked and underbanked, within the Las Vegas and Los Angeles areas in particular.
He continues by saying that Coin Cloud has customers without the right credentials to get a bank account. These customers may have, for example, a passport but not a resident ID often required by financial institutions for an account.
Others may not speak English or are uncomfortable walking into a bank. In these cases, people are essentially swapping a bank account for a smartphone.
Several individuals use BTMs to send money out of the country. These are customers who want to send savings to family and friends in other developing countries, where most of the population exists beyond the reach of traditional financial systems.
Remitters in the U.S. can turn cash into bitcoin at BTMs. Then, they can transfer BTC to anyone anywhere in the world over the internet.
Crossborder capabilities give Bitcoin an advantage
Chris McAlary says to Cointelegraph:
“Another advantage Coin Cloud capitalizes on, especially in Las Vegas, is bitcoin’s frictionless Crossborder capabilities. Coin Cloud has international travelers who come to Las Vegas and use bitcoin to bring their bankrolls. This eliminates the constraints of daily ATM limits, bank fraud alerts or hazards of carrying large amounts of cash. These customers convert stakes from BTC into cash at BTMs such as the one operating at the D Casino.”
McAlary concludes by saying that Coin Cloud continues to look for prime locations to host BTMs nationwide, identifying the best places for BTMs as locations with maximum accessibility, places like 24 hour convenience stores, vape shops and publicly accessible locations in urban areas.
Much like conventional ATMs, these are locations where people will use BTMs. The kiosks draw a wide range of Coin Cloud’s new customers, on average 200-300 a month, that would have otherwise not entered a store.