ZenBox , a full-service bitcoin kiosk provider based in Santa Monica, launched Orange County’s first two-way bitcoin ATM. Located inside Mission Market Express at the newly-opened $188 million Anaheim Regional Transportation Intermodal Center (colloquially known by the acronym ARTIC), more than 10,000 commuters will have access to the ATM on a daily basis.
The new ZenBox ATM offers two-way functionality, which means users can use it to buy and sell bitcoins. Timothy Curry of ZenBox regional operator ezCoinAccess says that the ATM’s location at ARTIC makes it accessible to customers both from Orange County and beyond.
When Mission Market’s owner Roland Foss heard that both Overstock.com and the Sacramento Kings began accepting bitcoin, he immediately saw the market opportunity for his business…Bitcoin enthusiasts have traveled to Mission Market Express from over an hour away just to buy items with bitcoin, and now the store will benefit from one of the most highly-trafficked bitcoin kiosks to date, bringing customers from well beyond Orange County, along the many railway and bus lines converging here.
ZenBox now has 18 ATM locations across the United States, making it the largest network of bitcoin kiosks.
Although they are slowly becoming more common, bitcoin ATMs are still a novelty that most bitcoin users do not have access to. But they are an important tool to spread bitcoin adoption. They give cryptocurrency visibility in local communities as well as a “physical” presence that many people find reassuring. Consequently, many industry executives anticipate an explosion of activity in the bitcoin ATM space over the next few years. But as Tremont Capital CEO Sam M. Ditzion explained to the Digital Currency Council earlier this year, some businesses remain hesitant due to unproven profitability models and an uncertain regulatory environment.
I definitely anticipate significant developments in the use of Bitcoin as well as the Bitcoin ATM industry during the next 3-5 years. To the extent that digital currency as a concept succeeds, ATM-like devices are an incredibly convenient and simple way for mainstream consumers to exchange cash for digital currency. The business and profitability models for ATMs both need to be refined and proven further. If there is more visibility in regards to the regulatory environment worldwide, and a business case exists for ATMs, I suspect we would see a wide range of new players quickly emerge followed by rapid consolidation.
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Images from ZenBox.