Dive Brief:
- Several c-store chains, including Stinker Stores, FastLane, Gas Express, High’s and Major’s Management, have installed bitcoin ATMs in partnership with Lux Vending, according to a Tuesday press release.
- Lux Vending, doing business as Bitcoin Depot, offers machines that let customers convert cash into bitcoin, rather than needing a digital payment method to buy the cryptocurrency.
- New partnerships in the second half of 2022 grew Lux Vending’s install base by 440 locations, to a total of over 7,000 bitcoin ATMs in 48 states and 10 Canadian provinces, mostly in gas stations, liquor stores and convenience stores.
Dive Insight:
While Bitcoin ATMs may be foreign to some, they offer other customers another reason to enter the store.
Customers need a digital wallet to use the machines, and can create one through Bitcoin Depot’s app. Users can then buy between $20 and $15,000 worth of bitcoin per day.
“I’m very excited to be working with Bitcoin Depot because of the potential impact that their bitcoin ATMs can have on our business,” said Gas Express CEO Amin Chitalwala. “Every square footage in retail space matters and what they pay for the space their kiosks take up is extremely attractive to us.”
These ATMs offer a more familiar way for customers to buy bitcoin with cash. No other cryptocurrencies are available for purchase from these machines currently, said Scott Buchanan, COO of Bitcoin Depot in an email.
The machines are also fairly low upkeep on the part of the retailer.
“One of the great things about Bitcoin Depot is they provide a turnkey operation,” said Billy Colemire, director of marketing for Stinker Stores. “I don’t have to worry about payment coming through on time or answering customer questions as they provide fantastic customer support to anyone in our stores using the Bitcoin ATM.”
Bitcoin can be used as payment at certain stores, especially online. But the digital currency is also often used as an investment vehicle, according to the release.
The machines are not new to the c-store space. In 2021, Bitcoin Depot signed an agreement to put ATMs in 5,000 Circle K locations across North America.
