Mass adoption of cryptocurrency is closer than you think. By using the millions of existing ATMs around the world, we can now give users an easy, fast and familiar experience to purchase cryptocurrency."
- Todd Lawrence, Chief Visionary Officer for CNI
Coinsquare Networks Inc. (CNI) is an innovative fintech company whose software allows users to buy bitcoin from traditional ATM machines via their debit card.
Right now, there is a lack of mainstream cryptocurrency adoption because most people are intimidated by the process to acquire it, says Cole Diamond, CEO of Coinsquare. By using the millions of existing ATMs around the world, we can now bridge the gap and give new users the easiest and most familiar experience to purchase cryptocurrency. Bitcoin is new and unfamiliar to many, but ATMs are not. By tapping into the existing global ATM network, cryptocurrency can finally reach the masses. We are bringing that familiar and trusted process into the cryptocurrency and ATM world for the first time.
We've taken the necessary steps and time to understand the ATM industry so that we can deliver a solution that utilizes the existing infrastructure, without disrupting existing operations. This means customers can purchase cryptocurrency from an ATM the same way, and in the same amount of time that it would take to withdraw cash from an ATM. Hence, ATMs could be the fastest and easiest way to buy Bitcoin!
How does this technology work? Dont fear, its as easy as we make it sound!
Lets consider the following scenario:
Youre an individual who has heard a lot about Bitcoin, and youre finally ready to take the plunge and purchase some Bitcoin for yourself.
Traditionally: the user can use a cryptocurrency exchange like Coinsquare to purchase Bitcoin. This process includes creating an account, going through a Know Your Client (KYC) process, funding your account, and then purchasing your preferred asset class, which can take several hours.
Alternatively,
Coinsquare provides a faster, easier, and a more familiar alternative for individuals to purchase bitcoin. Our Bitcoin solution uses the existing ATM network and infrastructure to execute transactions. Simply insert your debit card and enter your PIN, select the dollar amount to purchase, confirm the transaction details, and the cryptocurrency is delivered via a paper wallet that is printed out of the ATM. The customer can then use this paper wallet to deposit the Bitcoin into a digital wallet.
To learn more, check out this demo below:
