Coin Outlet Inc is acquiring LibertyX’s ATM network. The four LibertyX machines will be rebranded as Coin Outlet ATMs but will still remain in their existing locations.
LibertyX launched the very first Bitcoin ATM in the United States at Boston’s South Station, only a year ago.
LibertyX Co-Founder Chris Yim said the decision to sell the ATM arm of their company to Coin Outlet was “a natural evolution of their business and allows them to scale quickly and focus on adding partners and services to their existing 2,500 cash-to-bitcoin store locations.”
Coin Outlet also announced a newly developed backend network ecosystem that the Lamassu machines hook into. This system will allow any existing Bitcoin ATM machine or existing traditional ATM machine to exist on the Coin Outlet platform, regardless of the hardware platform of that machine.
With this development, Coin Outlet believes it will have the capital-raising ability to acquire existing viable ATM markets with proven revenue streams, and grow rapidly.
Eric Grill, Coin Outlet’s CEO, explains, “Integrating other hardware solutions into our backend network is part of our expansion strategy as it opens the door for more acquisitions and further scaling of the Coin Outlet network.”
Coin Outlet is a rapidly growing startup that manufactures and operates AML/KYC-compliant Bitcoin ATMs with two-way transaction functionality. The lead investor is Coin Outlet is Bitcoin Shop, Inc. (OTCQB: BTCS) which is building a universal digital currency platform under the BTCS (“Blockchain Technology Consumer Solutions”) brand.