Australian BTC ATM Startup Says Its Raking in $360,000 Per Week

Australian BTC ATM Startup Says Its Raking in $360,000 Per Week

A BTC ATM company from Australia has reported a weekly turnover of $500,000 AUD (roughly $360,000 USD) despite the cryptocurrency bear market. 

$360,000 Weekly Turnaround

Auscoin, an Australian BTC ATM company, has reported a weekly turnaround of $360,000 in 2018. According to the reports, it’s currently operating 31 ATMs throughout Australia but it’s planning to expand.

Speaking on the matter, Sam Karagiozis, founder at Auscoin, said:

We currently have 31 Auscoin ATMs in Australia… and our turnover is $500,000 a week, which is just insane considering how much the price of BTC has dropped. […] It just shows there really is a market for it and cryptocurrency is seen as a way of the future for many.

Auscoin BTC ATM

The company had an underwhelming ICO in 2018 after it managed to raise only $2 million of the projected $30 million. However, it hopes to expand to a network of more than 1200 BTC ATMs across Australia.

It’s Getting Easier to Buy BTC

It’s becoming increasingly easier for people to buy BTC at a range of physical locations. According to Karagiozis, accessibility is the main barrier to entry for regular people:

We believe the most significant barrier to entry for everyday people in the cryptocurrency market is accessibility.

Bitcoinist reported that the number of BTC ATMs has doubled in 2018, growing to more than 4,000 in 76 different countries. According to the tracking website Coinatmradar, Australia has 54 BTC ATMs in operation.

At the beginning of the month, France started selling BTC at tobacco shops. The plan is to expand buying BTC to 24,000 tobacco kiosks across the country in the near future.

Just a couple of days ago, US-based BTC ATM company Coinme partnered up with international coin counter Coinstar. The initiative has enabled users to buy BTC at 20,000 Coinstar kiosk locations.

Meanwhile, Venezuela is also expected to see its first BTC vending machine go live within the next two weeks.

What do you think of the growing popularity of BTC ATMs? Will this have a positive impact on its widespread adoption? Don’t hesitate to let us know in the comments below!

Images courtesy of Shutterstock

Published at Sun, 20 Jan 2019 18:00:26 +0000