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CoinSource Installs Its Second Bitcoin ATM In The New York City Area

Last Updated March 4, 2021 4:45 PM
Lester Coleman
Last Updated March 4, 2021 4:45 PM

CoinSource, a bitcoin ATM (BTM) network, announced the first BTM in New York City’s Lower East Side at 61 Delancey Street. Located within the N&N Delancey Smoke Shop, the BTM marks CoinSource’s  second New York City area installation and joins a national network of bitcoin BTMs stretching from San Diego, Calif. to Las Vegas, Nev. to New York City.

Coinsource 1 Revised

The machine is made by San Diego, Calif.-based GenesisCoin. It is a one-way ATM, providing bitcoin for cash only.

An Ideal ATM Location

“The Lower East Side is one of the trendiest neighborhoods in Manhattan, with hundreds of thousands of visitors per year, and this is the first bitcoin ATM machine to be located in the area,” Sheffield Clark, CoinSource managing partner, told CCN.com. “The location at 61 Delancey Street is close proximity to the J, Z, B, D, and F subway lines and is near multiple bus stops as well. For those driving over the Williamsburg Bridge, parking lots can be found nearby.”

As one of 22 companies that submitted an application for New York’s BitLicense, CoinSource is allowed to operate in New York State.

The CoinSource ATM can be accessed from 10 a.m. to 3 a.m, seven days per week. It charges a 7% transaction fee. High volume customers can access reduced fee levels.

The company provides high-touch support through its website, social media channels and through email, Clark noted. A CoinSource local representative provides on-the-ground support.

First Local BTM: Staten Island Ferry Terminal

CoinSource’s first New York City area BTM at the Staten Island Ferry Terminal has been a tremendous success, Clark said. “Customers continue to rave about our attractive fees and great support, and we are excited to continue growing our business nationwide,” he said.

CoinSource, based in San Diego, Calif., makes private compensation arrangements for locations hosting its BTMs, Clark said.

The company has four active BTMs across the country, in New York City, Las Vegas, and San Diego. Clark said the company is planning to expand to Dallas, Texas and Palo Alto, Calif. in the coming weeks.

Also read: Here’s where to find everything you need to know about the bitcoin ATM industry

Compatible With Any Bitcoin Mobile Wallet

“We are proud to provide New Yorkers with access to low-fee, secure bitcoin ATMs,” Clark added. “CoinSource machines adhere to cutting-edge security standards and provide convenient, instantaneous transfers compatible with any bitcoin mobile wallet.”

CoinSource is owned by Clark, Travis Gough and Bobby Sharp.

Images from Shutterstock and CoinSource.