LibertyX launches Bitcoin for cash sales at ATMs in U.S.

27 Oct 2020

Major retail network of Bitcoin ATMs in the U.S., LibertyX is expanding BTC sales options at thousands of ATMs across the country.

According to an announcement by the company, LibertyX has enabled a Bitcoin cashout feature at 5,000 ATMs in the U.S., meaning consumers can sell Bitcoin for cash at any of these machines, Cointelegraph reports.

Previously, LibertyX CEO and co-founder Chris Yim said the software only supported Bitcoin purchases with debit cards. This new feature now permits holders to receive cash for selling their Bitcoin.

Yim pointed out that Bitcoin has reached new 2020 highs: “With the run-up in the price of Bitcoin, consumers are looking for a way to sell Bitcoin without dealing with wire or bank transfer delays.”

This latest Bitcoin sale feature is only supported by a certain number of ATMs in the United States compared to Bitcoin purchases. Yim said: “While it’s never been easier to buy Bitcoin, selling is another story. There are almost 15,000 Bitcoin ATMs across the U.S., but fewer than 2,000 allow consumers to sell Bitcoin for cash. Our ‘cash-out’ product deployed across 5,000 ATMs triples the number of Bitcoin ATMs where consumers can sell Bitcoin, furthering our mission of putting Bitcoin on every block.”

Bitcoin sales at ATMs have their own fees, the Cointelegraph report adds. As per data from LibertyX, the consumer fee at Bitcoin ATMs by LibertyX is 8%. The CEO added that this price is based on an index of exchanges, tracking closely to Coinbase’s consumer prices. 

Kurt Karjalainen, owner of Premier Merchants Group, LLC, one of the leading ATM operators in the U.S. commented: "LibertyX has been great for my ATM business. Our company is always looking for ways to earn extra revenue for ourselves and our ATM partners, and LibertyX has provided a great opportunity to do this.”