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Interview: Bitcoin ATM network Coinsource Hits 100+ Machines

Last Updated March 4, 2021 4:57 PM
Francisco Memoria
Last Updated March 4, 2021 4:57 PM

Coinsource , a leading bitcoin ATM network, recently surpassed the 100 machine milestone with an early year push in the state of New York, in which it added 14 new kiosks in the state since January. The company’s portfolio surged from 70 of 103 machines, 30 of which are located in the Empire State, allowing it to control over one-third of the market in the Big Apple.

New York is now Coinsource’s second largest market, and in it customers can buy and sell bitcoins directly from the ATMs, which can be found, for example, in the John F. Kennedy International Airport, the fifth busiest one in the country. The company’s CEO and co-founder, Sheffield Clark, said that New York was the place in which Coinsource had its first successful bitcoin ATM, adding that they are proud to offer the lowest rates in the market.

The company’s surge comes at a time in which bitcoin hits a new historic all-time high above $2,100, helping it reach new customers who can now easily have access to the world’s highest performing currency. Coinsource’s kiosks can be found in California, Louisiana, Missouri, Nevada, New Jersey, New York, Pennsylvania, Tennessee, and Texas.

According to Sheffield Clark, reaching the 100 machine milestone was part of the company’s business plans, and even though it was reached earlier than expected, the company, which currently has machines spread access nine states, has more in store for 2017.

CCN.com spoke to Bobby Sharp, co-founder of Coinsource, about his company’s success:

CCN.com: How did Coinsource come to exist?

Bobby Sharp: “We locked in on the space when we felt there was a need for people to immediately be issued bitcoin as opposed to going thorough exchanges. Our goal has been to provide our customers with the most convenient access to the world’s most valuable digital asset, and that’s why we are continuing to add machines in key markets across the country, as fast as we can.”

CCN.com: How does Coinsource decide where to install new ATMs?

Bobby Sharp: “We decide on where we will put ATMs mostly when we get focused customer demand from a specific area. If there are a multitude of phone calls from one particular area, we do the research and due diligence on that particular area and commit resources to commence placement. We commit machines to areas depending on the strength of demand.”

CCN.com: Any challenges you had to overcome?

Bobby Sharp: “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.”

CCN.com: How well are Coinsource’s ATMs doing in the state of New York?

Bobby Sharp: “New York is a fantastic market and does well consistently for our company. We now have 30 machines in the state, each with healthy volumes.”

CCN.com: Coinsource controls 36% of the market in New York, how can it still thrive despite the state’s BitLicense? Has it even affected the company?

Bobby Sharp: “We are one of the few operators that welcome and embrace regulation. We are in this for the long haul and want digital currency to continue to gain popularity. The New York BitLicense is a good thing.”

CCN.com: What plans does the company have for the upcoming future?

Bobby Sharp: “Our main focus this year is to continue our exponential growth across the country. In late 2016 and the first quarter of 2017, we were installing machines at a rate of about 2.2 per week. We hope to tap into as many new markets as possible, and scale at the same rate bitcoin is growing. We have many surprises in store for this year as well.”

CCN.com: Is there anything else you want to share with our readers?

Bobby Sharp: “I think I’ve covered it all, and thank you for the opportunity.”

Featured image from Coinsource.