Coinsquare, the Canadian cryptocurrency trading platform, announced that it has acquired a controlling stake in the eight-digit financial technology software maker Just Cash. The acquisition will enable the company to introduce cryptocurrency transactions on traditional US non-bank ATMs (referring to ATMs that operate on non-banks and only offer withdrawals but cannot deposit).
Just Cash has developed a software that can retrofit ATM machines to sell cryptocurrencies through a customer's debit card without having to upgrade the machine's hardware.
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Coin Diamond CEO Cole Diamond confirmed that the technology has been introduced to some ATM machines, and they will continue to transform more similar machines by the end of next year.
Approximately 250,000 non-bank ATMs are likely to upgrade this feature. Diamond did not disclose the specific partners, but said that it cooperated with two of the three non-bank ATM machine manufacturers, namely Hyosung, Triton and Genmega. He said Coinsquare is expected to deploy this feature in nearly 170,000 machines in 50 states.
"We will exceed the number of Bitcoin ATMs in a year."
Users will be able to purchase and trade Bitcoin, Bitcoin Cash, Ethereum, Dash, Litecoin, Stellar, Ripple, Dogecoin, etc. directly from their bank account.
Diamond said that these machines will be able to print receipts, which will show the user's private and public keys, which are actually paper wallets.
The company plans to use the ATM machine as an entry point and expand in the US in 2020. Just Cash's software will "with regulatory efforts" and Coinsquare has weathered the storm as it enters the market.
Diamond hopes that the ATM machine will become an effective entry point for cryptocurrency white users. He stated in the statement:
“Currently, cryptocurrencies have not yet entered the mainstream world, as most people are intimidated by the process of acquiring cryptocurrencies.”
Diamond also said that this feature will shorten the gap between the traditional banking and cryptographic industries, but he expects to establish a partnership with the bank, which is unlikely for a while.
“First, we need to believe that (the bank) wants to use it… the bank is always hesitant about cryptocurrencies,” he added, adding that such features in a bank ATM requires additional software upgrades because each bank All run dedicated software.
After the acquisition, Coinsquare and Just Cash will operate the former brand, but Just Cash will maintain a certain degree of autonomy.