Circle K is rolling out a network of bitcoin ATMs at 700 of its locations across the U.S. and Canada in an exclusive partnership with Bitcoin Depot. Bitcoin ATMs have already been installed at Circle K stores in 30 states.
Bitcoin Depot ATMs are kiosks that enable users to exchange cash for immediate access to multiple types of cryptocurrency, not just bitcoin. Customers simply insert cash at the kiosk, provide their crypto wallet address and select their choice from among 30+ cryptocurrencies, which will then be sent immediately to their digital wallet. According to Bitcoin Depot, the whole process — from signing up for an account to completing a transaction — takes about one to two minutes.
“At Circle K, we are continually looking at ways to enhance customers’ experience in our stores and be their favorite stop for a growing range of needs and occasions,” said Denny Tewell, SVP, Global Merchandise and Procurement at Circle K in a statement. “Our partnership with Bitcoin Depot further builds on this commitment, giving our brand an important, early presence in the fast-growing cryptocurrency marketplace as a convenient destination where customers can buy bitcoin.”
The growth of digital currency has led to an increased interest among many large companies in bitcoin ATMs and other ways to facilitate bitcoin transactions. Overstock, Home Depot, Starbucks and Whole Foods are among the early retail adopters accepting cryptocurrency for purchases. Technologies like Bitcoin Depot’s ATMs are touted not just as a convenience but also as a way to democratize access among underserved communities, as cryptocurrency looks set to be a growing part of the future economy and payments landscape. An offshoot of the cryptocurrency space, non-fungible tokens (NFTs), are also garnering interest among retailers seeking to use these digital technologies to connect with customers and facilitate digital commerce. Experts in the space will discuss the potential of these blockchain-based technologies at the upcoming retailX event, taking place in Chicago Aug. 24-25, 2021. Register here to attend.