Coinsource, a bitcoin ATM network, announced on Monday it launched five new machines in Phoenix Metropolitan Area, marking its first venture into Arizona. According to the company, the bulk installation caps off a strong first and second quarter, with it installing 50 machines so far this year, now with a portfolio of 116 machines across 10 states. The five new Bitcoin ATMs have been installed in Phoenix, Peoria, and Mesa.
While sharing details about Coinsource’s expansion, CEO and Co-Founder Sheffield Clark, stated:
“We are really excited about our reach into Phoenix, one of America’s largest metropolitan areas geographically, and the fifth largest by population. We simply addressed a market need there and we are proud to provide more options to people who are starting to use bitcoin, or want to use it, as commonly as they use cash or credit cards. We are also proud to start doing business in a state that is so blockchain technology progressive. In March, Arizona Governor, Doug Ducey signed a bill recognizing blockchain signatures and smart contracts as state law.”
Clark also noted:
“Coinsource has had a busy three months; we’ve conducted several recruitment rounds, strengthened our team to 20, and are now close to announcing significant projects outside the US. Q3 is set to be our biggest quarter yet, with a higher rate of installations planned, more team members coming on board, and more state by state market entrance.”
Concurrent to the installation in Arizona, Coinsource also added two machines in Los Angeles, and two in Las Vegas. Clark added:
“The specific locations of our machines are selected based on their high vehicle and foot traffic, parking convenience, ease of access and long trading hours of the stores they occupy. This quarter in particular, we’ve seen increases in volume; our customers are telling us they are far more willing to buy and sell bitcoin at physical, conveniently located machines than deal with the hassle of online exchanges.”
Coinsource reportedly controls 15% of the Bitcoin ATM market. The company has a strong presence in California, Nevada, Texas, Louisiana, Missouri, New Jersey, New York, Pennsylvania, Tennessee, and Arizona.
