It will be up to the individual ATM operator to determine if they choose to implement the service, therefore it is unlikely that all 175,000 of Hyosung’s ATMs would enable BTC purchases.
Hyosung America has partnered with cash-to-cryptocurrency vendor DigitalMint to facilitate Bitcoin (BTC) purchases at its 175,000 ATMs in the United States.
In addition to providing its own Bitcoin (BTC) and Litecoin (LTC) payment rails, including ATMs, bank wires, and teller machines, DigitalMint offers software API connections that enable retailers or ATM operators to sell BTC through their machines.
As part of the agreement, which was announced on July 12, Hyosung America will integrate DigitalMint’s crypto buying capabilities into its forthcoming API-based software store for the company’s ATMs.
It will be up to the individual ATM operator to decide whether or not to integrate DigitalMint’s services, therefore it seems unlikely that the bulk of Hyosung’s 175,000 ATMs will accept BTC purchases.
Brad Nolan, the chief marketing officer for Hyosung America, noted that the API-based app store will not only allow ATM operators the opportunity to sell Bitcoin, but also the opportunity to deliver a variety of new services on them:
“With the app store, any ATM operator utilising our retail software platform may subscribe and download apps like DigitalMint to enable their ATMs to do more, hence generating new revenue streams for the operators and retailers with whom they partner.”
Given the size of Hyosung America’s ATM network, it may give DigitalMint with enormous client exposure. Given that DigitalMint offers crypto buying services for only two cryptocurrencies, it is unclear whether the two parties intend to form more partnerships.
— Hyosung America (@HyosungAmericas) July 12, 2022
Hyosung America is the North American affiliate of the South Korean company Hyosung, Inc., and claims to be the “biggest ATM supplier” in the United States. The company has not taken any other major moves in crypto, but considering that it is developing an API-based app store, other crypto partnerships may be forthcoming.
According to data from Coin ATM Radar, there are 33,772 Bitcoin ATMs installed in the United States as of this month, making it the country with the most BTC ATMs in the world. In comparison, Canada, in second place, has only 2,438 BTC ATMs installed, while the global total stands at 38,430.
Coin ATM Radar data reveals diminishing interest in crypto-friendly ATMs, reporting on June 5 that global Bitcoin ATM installations hit a record low of 202 in May, a range not seen since 2019. In June, the number increased to approximately 714, although it is still far below the ATH figure of 2,037 for August 2021.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.