Coinhub Will Install 1,000 Bitcoin ATMs at Gas Stations Amid Crypto Banking Outages

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(Kitco News) – Bitcoin ATM operator Coinhub is looking to help solve the problem of crypto de-banking by teaming up with more than 1,000 gas stations and store owners to install new crypto ATMs to allow crypto holders to buy and sell their tokens with cash.

According to a Monday press release from Coinhub, the move comes as the company seeks to expand its reach and provide users with more convenience while offering store owners a passive income opportunity in the form of monthly rental payments.

Partnerships with gas stations and store owners allow Coinhub to place its ATMs in areas with high visibility and foot traffic, giving users an easy way to buy Bitcoin and other cryptos with cash and avoid the hassle of using their bank account or credit card.

For those who prefer more anonymity, the ability to deposit money and receive Bitcoin or one of 25 other cryptocurrencies instantly and securely is an ideal alternative to signing up for an account on an exchange like Coinbase, which has seen increasing scrutiny from regulators.

Coinhub ATMs provide users with step-by-step instructions on how to complete their transactions quickly and easily, and they can process transactions at any time of the day.

Bitcoin and cryptocurrency ATMs are quickly becoming a hassle-free option for US citizens to buy crypto amid a landscape that is increasingly hostile to the industry.

Along with the recent collapses of Silvergate Bank, Silicon Valley Bank, and Signature bank, the ongoing Operation Chokepoint 2.0 has left few reliable banking partners for crypto firms and their users.

The new partnerships signed by Coinhub will see at least 1,000 new ATMs added to the list of operational machines. The company has also started an installation campaign and is encouraging store owners to contact Coinhub if they are interested in setting up an ATM at their location.

Data provided by Coin ATM Radar shows that there are currently 28,922 cryptocurrency ATMs operating in the United States, with more popping up every day as interest in crypto grows.

Last year, Bitcoin Depot, the world’s largest Bitcoin ATM provider according to Coin ATM Radar, announced its intention to go public through an $855 million special purpose acquisition company (SPAC) merger agreement with GSR II Meteora (GSRM) that would allow it to become a listed company. Once the deal is complete, the company’s official name will be Bitcoin Depot Inc. and it will trade on NASDAQ under the ticker symbol “BTM.”

While the US dominates when it comes to the number of crypto ATMs available, a study conducted by Tradinbrowser shows that Bitcoin ATM adoption is highest in countries that lack a developed financial infrastructure.

In the UK, authorities recently began cracking down on the country’s Bitcoin ATM industry nearly a year after it first warned that all such machines operating in the UK were doing so illegally. At the same time, several UK banks, including HSBC Holdings and Nationwide Building Society, have announced new restrictions on the purchase of cryptocurrencies by their customers, highlighting the need for alternative ways of buying cryptocurrencies.

It remains to be seen whether the recent struggles in the global banking system will lead to a higher adoption rate of cryptocurrencies and a greater demand for crypto ATMs.