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Coinsource Adds (Another) Bitcoin ATM to New York City’s Growing Roster

Last Updated March 4, 2021 5:00 PM
Josiah Wilmoth
Last Updated March 4, 2021 5:00 PM

Coinsource added another bitcoin ATM to its New York City roster, bringing its industry-leading national network total to 127.

The new bitcoin ATM resides in Mario’s Gourmet Deli at 934 Amsterdam Ave. and is accessible from 7:00 am to 1:00 am. Like the majority of Coinsource’s New York City systems, it is a one-way ATM, meaning that customers can purchase bitcoin there but not sell it.

Directly beside the new system sits a conventional ATM, placed there and paid for by the very legacy financial system bitcoin was created to upend.

The 2017 bitcoin price rally has dramatically increased public interest in cryptocurrency, rendering metropolitan areas more capable of supporting multiple bitcoin ATMs. Coinsource has been deploying them at a breakneck pace. Since January, the Coinsource network has increased by more than 80%, and the company has 36 bitcoin ATMs in New York alone.

Increasing mainstream adoption has also enabled Coinsource to place its bitcoin ATMs in smaller, less affluent areas. Just a few weeks ago, the company installed a system in Oklahoma City, bringing that state’s total number of bitcoin ATMs to two. Coinsource systems can now be found in 11 different states.

In an interview earlier this year, Coinsource co-founder Bobby Sharp told CCN.com that one of the biggest challenges they have had to overcome is regulatory compliance. Notably, Coinsource was one of the first crypto startups to receive a New York BitLicense. As Sharp said:

Challenges are common in this industry, but we pride ourselves on our ability to overcome them when they arise. I wish it were a plug in play, but it is more difficult than one would think. Compliance is key when we place new machines, particularly because regulations vary state by state, but we commit a large portion of our budget to maintaining industry best practice and first class legal support.

Of course, as all entrepreneurs will attest, one can never tell exactly what challenges will arise on any given day. Take, for instance, the unexpected challenge of finding a keyboard in the middle of New York City.

Ian Parker, a staff writer for The New Yorker, accompanied Coinsource chief strategy officer Josiah Hernandez and a company technician as they installed their latest bitcoin ATM at Mario’s Gourmet Deli. In his piece , he relates that the Coinsource team forgot to pack a keyboard and were thus left unable to press Enter to reset the system.

Hilarity ensued, as the Coinsource team was left scouring the area in a futile attempt to procure a keyboard. The nearby GameStop did not sell keyboards, and Hernandez was unable to convince a nearby money-transfer clerk to let him borrow her keyboard.

Eventually, Coinsource overcame this adversity to successfully install the system, making bitcoin purchases much more convenient for New York City residents.