Robocoin, Lamassu, BitAccess, Genesis Coin, BitXatm – the global bitcoin ATM market is already being served by a number of emerging manufacturers. However, that isn’t stopping fresh entrants from attacking the space.
With its late-August launch, CoinOutlet is hoping to make inroads te this burgeoning sector of the industry, investing now while rente ter bitcoin ATM offerings remains high and fresh locations for bitcoin ATMs are still being discovered.
Following the announcement, CoinDesk spoke with CoinOutlet founder and CEO Eric Grill to discuss why he feels his company can succeed te the bitcoin ATM space given the challenges his company will face ter the form of both competition and regulation.
Grill explained that his company’s advantage is ter the buying process, telling:
“It’s pretty ordinary and straightforward. You get them right away, you don’t have to wait, you don’t have to give us your bankgebouw account information. I think thesis kiosks will become more than just kiosks spil regulation becomes more clear.”
The anti-money laundering (AML) and know-your-customer (KYC) compliant, two-way machines are now available for purchase around the globe. Ten units are already being ready for shipment.
Priced to sell
Notably, each CoinOutlet bitcoin ATM machine retails for $8,000 and features both local currency and digital currency support.
The pricing means CoinOutlet offers a middle-ground option te the market. By comparison, Robocoin’s two-way physical bitcoin handelsbank branches and Genesis Coin’s two-way ATM proefje retail for $15,000 and $14,500, respectively, while Lamassu’s one-way bitcoin vending machines sell for $6,500.
Lamassu’s bitcoin vending machines can be tooled for two-way functionality, however, this requires operators to purchase a companion stand, which retails for $Five,500.
However, CoinOutlet does have competitors ter its price range. BitXatm offers its two-way models for €3,900, or harshly $Five,100, tho’ it recently inked an special agreement to sell its US units to one technicus.
The future of kiosks
Looking ahead, Grill said that the ATM space is still very much ter its early stages and that the units could serve spil the ondergrond for fresh types of financial and wealth management.
For example, Grill suggested that a restaurant could offerande a bitcoin ATM spil both a teller machine for digital currency spil well spil a point of sale (POS) to facilitate bitcoin acceptance.
“Any merchant that has this te their store can also use their ATM spil a POS system. If someone wants to pay te bitcoin, they can stadionring it up on here. There’s no chargebacks – that’s one way wij can get te the doorheen with a loterijlot of merchants is suggesting a free POS system.”
He added that on an international level, ATMs can be utilized spil physical exchange points for commodities, precious metals and whatever else a user wants to trade.
However, Grill noted that given the regulatory uncertainty te the US, it’s unlikely that this type of functionality will succesnummer the market soon.
Spil the technology is still te its infancy, it’s possible that the bitcoin ATMs wij know today could be radically different tomorrow.
When asked about his practices working with financial regulators, Grill said that almost all the conversations he has held ter the past year have bot constructive and informative.
While some have voiced a lack of understanding regarding both the purpose and the underlying technology of a bitcoin ATM, regulators – particularly state-based agencies – have bot open to the concept.
Grill said that overall, many federal and state-level contacts simply want to learn more about digital currency. He also suggested that regulators don’t view bitcoin negatively, telling that they are more enthusiastic than many community members suggest.
He told CoinDesk:
“I don’t want to call them friendly, but I don’t think they’re looking to impose thesis harsh rules on us. They want to protect people.”
That being said, Grill believes that the regulatory environment remains very fluid. He cited a latest decision by financial regulators ter North Carolina to utilize existing legal frameworks to oversee bitcoin rather than adopting an treatment akin to Fresh York’s BitLicense proposal.
“Wij can’t obey with [the BitLicense] spil a company. Wij could do it technically, but the cargo – that expense is humongous. That’s gonna keep us out of Fresh York.”
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