Blockchain start-up Coinme has partnered with coin-converter Coinstar in a deal that would allow US citizens to purchase Bitcoin via a Coinstar machine.
In an announcement on Thursday, it was confirmed that Coinstar will be rolling out the Bitcoin purchase facility to certain Safeway and Albertsons stores in California, Texas, and Washington State. There are further plans to extend the service to additional states in the US, which will happen after “a successful launch.”
Coinme co-founder Neil Berquist claimed that the new partnership would give consumers “a convenient and easy way to buy Bitcoin.”
Coinstar CEO Jim Gaherity reiterated Berquist’s optimism by stating: “Coinstar is always looking for new ways to offer value to our consumers when they visit our kiosks, and Coinme’s innovative delivery mechanism along with Coinstar’s flexible platform makes it possible for consumers to easily purchase Bitcoin with cash.”
Bitcoin now on Coinstar!!! @coinstar #coinstar pic.twitter.com/63zUehA9pE
— Nathan Love (@fastjiveturkey) January 17, 2019
Coinme has ties with UpToken, which is a utility token created to be used alongside Coinme ATM machines. UpToken raised $18.9 million in an ICO in December 2017.
UpToken is listed on UPBit, Bancor Network, and Bittrex. The price is up 93% today on the news of the Coinstar partnership.
Although it would appear logical, Coinstar machines will not accept coins for Bitcoin. Instead, they will only accept US dollar bills with a $2,500 limit.
Customers will have to input their phone number and insert bills to prove their identity. They will then receive a code that would be redeemable upon creating a Coinme online account.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.