Members of the convenience retailer's loyalty program will have access to lower rates.
LA CROSSE, Wis. — Bitcoin ATMs are coming to an additional 800-plus convenience stores in the Midwest.
Kwik Trip Inc. inked an agreement with Coinsource to bring the kiosks to its network of c-stores in Wisconsin, Minnesota, Illinois and Iowa. The installations are underway, according to Fort Worth-based Coinsource, a bitcoin ATM network.
"We are delighted to be partnering with Coinsource and facilitating simple access to bitcoin for our customers. We understand Coinsource's aim of providing the fastest, easiest and most secure way to buy and sell cryptocurrencies and how a key part of this is placing the bitcoin ATMs in convenient and easily accessible locations," said Dave Wagner, controller of La Crosse-based Kwik Trip.
"As an added benefit, we know our customers are getting the best deal since Coinsource has the lowest proven rates plus industry-leading compliance, which really sealed the deal," Wagner added.
Coinsource's fee is 11 percent nationwide, with an accurate bitcoin price and no hidden fees, with miner fees covered for each transaction. Additionally, Kwik Trip Rewards members will have access to lower rates.
"Partnering with Kwik Trip made perfect sense as it enables us to continue our mission of making crypto accessible to every American at phenomenally low rates, especially at a time when traditional economic systems have shown weaknesses," said Sheffield Clark, CEO of Coinsource. "It is our top priority to place our machines in essential, convenient locations, because bitcoin is becoming increasingly essential to Americans."
As of April, there are nearly 38,000 bitcoin ATMs across the world. Coinsource is the only active BitLicence holding operator in the business, making them the only non-billion-dollar-valued company to hold this license. Coinsource offers almost instant transactions, allowing users the ability to receive their bitcoin in just a few minutes, according to the company.
Founded in 2015, the Texas-based company gives any person the ability to buy and sell bitcoin with U.S. dollars by utilizing their physical kiosks located around the country. With more than 2,500 bitcoin ATMs, Coinsource has machines in 46 states and has successfully installed bitcoin ATMs within a 15-minute drive of 80 percent of the U.S. population.
Growth of Bitcoin in C-store Industry
Bitcoin has becoming part of the conversation in the convenience channel. Last year, Ankeny, Iowa-based Circle K formed an exclusive international partnership with Bitcoin Depot that spans both the United States and Canada. By July 2021, more than 700 bitcoin ATMs have already been installed in 30 states.
In May 2021, Sheetz partnered with Flexa to provide customers with the ability to pay for items inside the store or fill up on the forecourt using digital currencies like bitcoin, ether, litecoin, and dogecoin. With the pact, the Altoona, Pa.-based retailer became the first c-store chain to accept the digital currency in-store and at the pump.
Retail technology solutions provider NCR Corp. also identified cryptocurrency as a trend to watch in 2022, noting that retailers and payments vendors are catering to the growing number of cryptocurrency users by adding in-store and online capabilities allowing them to make in-store purchases using digital currencies like bitcoin.