Bitcoin Depot recently announced an exclusive international partnership with Circle K that spans across both the U.S. and Canada to install cryptocurrency ATMs. We spoke to Brandon Mintz, President & CEO of Bitcoin Depot, to learn more about this innovative service.
Cryptocurrency is a type of electronic payment system (similar to your credit card) that enables anyone to transfer and receive digital money from other people around the world. In the last year Bitcoin and other coins such as Ethereum and Cardano have received several regulatory setbacks by governments from around the world. Despite the difficult context, the number of people with crypto wallets has boomed. In February of 2021, around 106 million people were using cryptocurrencies, according to Crypto.com. Brandon Mintz discusses how retailers like as Circle K and Sheetz are looking to tap into that growing market.
Q. What does this huge deal with Circle K mean for Bitcoin Depot?
A. One of the main benefits of our partnership with Circle K is having the opportunity to make crypto even more accessible to the masses. Circle K is highly successful in their sector, and a great partner to help us in this mission. The Circle K brand has a wide and diverse customer base with people from all walks of life visiting their stores. By partnering with Circle K, we are creating a symbiotic relationship between our crypto ATMs and the store by increasing sales volume for the retailer and ourselves. A customer can come to Circle K to buy bitcoin, fill up their gas tank, and grab a cup of coffee all at the same time.
Q. What is the role of crypto ATMs? To bring crypto currencies closer people that may not use apps such as Coinbase and Binance?
A. Bitcoin Depot offers a convenient, fast, and secure way for our customers to access cryptocurrency with cash, which is not an option with online exchanges. This leaves out 25% of the population who are underbanked or unbanked. For anyone who wants speed, ease of use, and personalized customer support that actually answers the phone nearly instantly, BitcoinDepot is the way to go to get Bitcoin in a Minute™.
Q. Do you expect convenience stores and gas station to start accepting crypto currencies as a form of payment (a few already do)? Or do you thinkpeople will mostly be interested in using the ATMs as a form of investment?
A. I do. In fact, Sheetz is already accepting Bitcoin today and we are likely to see more big retailers do the same. Many people who use Bitcoin Depot ATMs may end up making purchases from retailers if those retailers were willing to accept Bitcoin. Due to the savings from chargebacks and processing fees from accepting Bitcoin, we may even see some retailers offer discounts on products and services bought with Bitcoin.
Q. Circle K is one of the leading international brands in the c-store segment. Aside from the U.S., in which countries do you see high potential for crypto ATMs?
A. Bitcoin Depot is still evaluating which countries may be next on our list, but Circle K definitely gives us the opportunity to expand globally.
Q. For a retailer that is not fully aware about cryptocurrencies, how would you explain the role that they will play in the future?
A. Retailers are becoming major access points to cryptocurrency by hosting Bitcoin Depot ATMs and they are starting to become advocates of the technology by accepting it. Creating a larger network of access points and ways to spend crypto helps the adoption of cryptocurrencies and all of the associated technologies that come with it.
Retailers also need to understand that they do not need to start a crypto ATM business themselves as it requires immense capital expenditures and has high barriers to entry. That is why we offer a fully outsourced turn-key solution for them. We simply just ask for a space for the crypto ATM and a power outlet. We handle the rest!
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