Canadian cryptocurrency platform Coinsquare announced on Tuesday it has obtained controlling investment for fintech software provider, Just Cash. According to Coinsquare, Just Cash’s software enables any ATM to sell cryptocurrency to customers and allows customers to purchase cryptocurrency through the traditional ATM process without disrupting the ATM network.
“This first-of-its-kind transaction is accomplished by a routine software update to the ATM. There are no requirements for new hardware, additional capital investments by the ATM operator, or a mobile application by the user to purchase cryptocurrency through the ATM. The simplicity of the update reduces friction for all parties and allows users to buy cryptocurrency through the safe, familiar, and trusted process of an ATM transaction.”
Speaking about the investment controls, Cole Diamond, CEO of Coinsquare, stated:
“Right now, there is a lack of mainstream cryptocurrency adoption because most people are intimidated by the process to acquire it. By using the millions of existing ATMs around the world, we can now bridge the gap and give new users the easiest and most familiar experience to purchase cryptocurrency. Bitcoin is new and unfamiliar to many, but ATMs are not. By tapping into the existing global ATM network, cryptocurrency can finally reach the masses. We are bringing that familiar and trusted process into the cryptocurrency world, and vice versa, for the first time.”
Todd Lawrence, Managing Partner of Just Cash, added:
“We’re excited to join forces with Coinsquare and work toward enabling millions of ATMs with our software. Coinsquare is the largest cryptocurrency company in Canada, so it made sense to leverage each other’s expertise and work together to bring our solution to millions of users around the world. We believe our software will be a natural extension of Coinsquare’s tremendous ecosystem.”