MIAMI, July 12, 2022 (GLOBE NEWSWIRE) – BankLine’s unique Crypto ATM banking services, in partnership with cannabis – friendly financial institutions, offer nationwide armored cash logistics services to Crypto ATM operators in licensed cannabis dispensaries – and facilitate exciting new business opportunities.
The opportunity
States continue to legalize the use of cannabis for adults, now available in over 7,000 state-regulated dispensaries across the United States, providing a new opportunity for the expansion of Crypto ATM.
The United States currently hosts the highest number of crypto-ATMs in any country in the world, more than 30,000 and increasing.
Solve bank reluctance
Until now, US financial institutions have been reluctant to accept cash deposits from crypto-ATMs placed in licensed cannabis dispensers. Working with BankLine, Crypto and cannabis-friendly banks has confidence that their customers will maintain the highest standards of compliance, allowing expansion across the country.
Compliance measures for customer due diligence, monitoring and reporting are currently required for both cryptocurrencies and legal cannabis by state and federal regulators.
The confluence of cannabis and cryptocurrency
BankLine President and CEO Mark Ochab says; “After 21 years in local and federal law enforcement, specializing in the financial and banking sectors, I see the confluence of cannabis and cryptocurrency as a positive step forward.
“Cryptocurrency transactions are permanently registered on the blockchain, and provide an unchanging and traceable overview of transactions.
“BankLine’s team has the knowledge and experience to help our customers adhere to the requirements.”
About BankLine
BankLine is the only crypto-friendly banking solution that offers a portfolio of redundant financial institutions that are willing to serve the crypto industry’s varied needs. BankLine’s network of crypto – friendly banks and services helps to mitigate the threat of bank liquidation and offers ongoing, sustainable and scalable banking and support services.
Each BankLine customer has a direct relationship with one or more of four FDIC-insured depository institutions. The accounts have the title in the business unit’s name and are exclusive to the unit’s activity.
BankLine’s partner financial institutions offer over-the-counter accounts in addition to entering into contracts with more than 300 Loomis, Brinks and Garda cash vault facilities, and serve over 29,000 Crypto ATMs across the United States and its territories.
BankLine is now expanding crypto-friendly banking services and armored cash logistics services to the EU, the UK, as well as Central and South America.
BankLine’s core focus is to deliver innovative banking and software solutions as well as lucrative hosting options specifically developed for the Crypto ATM industry.
Find out more at BankLine.com.
Media contact:
Andy Benjamin
1-800-409-1647
[email protected]
Related photos
Picture 1: BankLine and Cannabis Crypto ATM
The BankLine program gives Bitcoin ATM operators the ability to expand into cannabis dispensaries
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BankLine and Cannabis Crypto ATM
