Coinme, a US-based cryptocurrency cash exchange, entered Florida earlier this week, launching over 300 Bitcoin-enabled Coinstar kiosks. “For Florida residents, the expansion makes buying bitcoin with cash as easy as visiting their local grocery store,” the company said.
Happy to announce that we are now living in Florida!
Find out more here: https://t.co/IA5CpOET81 pic.twitter.com/f3DkNs1Q98
– Coinme (@Coinme) April 7, 2021
This move was the result of favorable policies for bitcoin in Florida in general and Miami in particular.
Bitcoin in Florida
According to CEO Neil Bergqvist, the team expanded into new areas to meet the “ever-growing demand” for affordable places to buy cryptocurrencies.
“Our team has worked with state regulators to launch Coinme at Coinstar kiosks across the state, and we are thrilled to have been licensed to offer cash to buy Bitcoins to Florida residents,” said Bergqvist.
Coinme was founded in 2014 and operates nearly 6,000 physical locations for buying and selling bitcoin for cash through a partnership with Coinstar, the American coin cashing giant with nearly 20,000 locations in four countries.
A recent survey sponsored by Coinstar found that 23% of people who would buy cryptocurrency would do so at bitcoin ATMs or kiosks.
In addition, almost one in five respondents said they would prefer to buy cryptocurrency for cash, and more than half advised to buy it as an investment.
Coinstar CEO Jim Garity said the underlying demand for bitcoin has attracted many first time investors who need a simple and secure solution to access the purchase of an asset for cash.
Simple and affordable
Buying bitcoin at Coinstar kiosks through Coinme aims to be an easy and secure way to instantly convert cash into BTC. Unlike traditional “ BATMs, ” the process of buying bitcoin at Coinstar-backed kiosks offers benefits as it leverages the technical prowess of the latter.
Users can purchase their BTC with the Coinme wallet for a seamless experience without having to enter separate wallet information, which can be up to 35 characters long. In addition, the company is represented in more than 6,000 offices in 44 states across the country, so accessibility is a secondary concern.
All transactions are backed by Coinstar’s robust security standards and regulatory compliance. Meanwhile, users only need a valid mobile phone number, driver’s license or state ID, and USD cash to shop, eliminating the need for lengthy and protracted KYC procedures.
Coinme Bitcoin ATMs will be located in select Winn Dixie, Fresco y Mas, Harveys and other grocery stores across the state, from small towns to big cities including Jacksonville, Miami, Orlando and Tampa.
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