Coinstar To Expand Kiosks To Over 2,000 New U.S. Grocery Stores
The Coinstar kiosk chain is broadening its service offering, targeting 19 different U.S. states and looking to install its bitcoin buying kiosks in over 2000 locations.
The development follows an announcement made on April 24 by the firm’s partner Coinme, which stated that the services would expand from using about 70 machines to nearly 2100 kiosks in the United States.
Coinme allows its customers to get bitcoins for their cash and has collaborated with Coinstar to make it easy for the growing number of users to access these services.
Beginning in January, interested parties could only get bitcoins from two stores- Albertsons and Safeway. The latest announcement has however added that users are now free to buy the crypto from such stores as Shaw’s, Jewel, and Save Mart.
With this move, the startups are positioning themselves for increased investor interest especially as buyers can go about buying bitcoin while doing their normal shopping at the stores.
Coinstar’s chief executive Jim Gaherity revealed in a press statement that the firm recorded very positive responses from the public when it first launched its service this January. The company restricted users to buying bitcoin with U.S. dollar bills, noting at the time that coins were acceptable.
Coinstar also limited the buying to BTC worth $2500.
On Wednesday, Coinme noted in its press release that the partners had seen growths of 15 percent in user acquisition week-over-week after the January launch.
Coinme’s growth over the first quarter of this year is reportedly among the best in terms of success in the five years the firm has been in operation.
The company attained a 92 percent growth ratio in its Q1 transaction volume, while the number of transactions processed over the same period surged by 109 percent. These results comfortably bettered those posted in Q1of 2018.
Gaherity expressed his satisfaction with the Coinme-Coinstar partnership, noting that there was potential for further collaboration. He added that the two could expand to other markets within the year.
Coinme received its business permit back in 2014, the first bitcoin kiosk to receive such regulatory approval. Since then, the firm has grown its service offering to cover the largest share of the global network of bitcoin kiosks.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.