Convenience store chain Circle K in a press release announced to install multiple bitcoin ATMs in the stores. The statement was made after an agreement has been signed between both parties. The installation of new ATMs will be an addition to already installed 700 bitcoin ATM machines. As per the new agreement, the company is looking to expand its operations across the U.S and Canada.
The Bitcoin Depot CEO Brandon Mintz said that “This strategic partnership will help us in expanding our global presence working with one the giants of convenience and fuel retail sector will strengthen our global position. We are enthralled by signing this strategic agreement.” One of Circle K’s representatives said that company is aware of the popularity of bitcoins and cryptocurrency will be an integral part of the future’s economy and payment systems.
The addition of bitcoin ATMs and acceptance of bitcoins as a payment method will provide Circle K with new customers and further expand the company’s market reach. However, this will set Circle K apart from the market competition as well. This partnership will allow customers to use bitcoin for daily routine transactions. Circle K intended to use bitcoin as a payment method. Apart from that, customers will also be able to purchase bitcoin from any nearby Circle K store.
Both stakeholders ensured that the current strategic partnership would play an integral part in making the bitcoin trade more accessible to the local community. Usually, bitcoin ATMs charge substantial fees for the services they offer. However, Bitcoin Depot, a large-scale network with more than 3,000 bitcoin ATMs machines across the globe has not said anything about its fee charges, finalized in the recent contract. The company’s website has not shared anything about the fee charges both parties agreed on in their contract.
However, Reddit users and other netizens hinted that the company could charge up to 20% as the service fee on every bitcoin purchase, via Bitcoin depot’s ATMs. Bitcoin Depot CEO Brandon Mintz also said “another fruitful outcome of this strategic agreement is simplifying customer verification process.” The company revealed that on any bitcoin purchase of less than $250 from Circle K’s store’s customers only need to verify their phone numbers. In case of any bigger transaction, the Bitcoin Depo will ask for proof of ids such as a driving license or ID card. Removing the complications from bitcoin trading and sales and purchase will help more people entering the bitcoin space.
Bitcoin Depo and Circle K store chains both are working on a common goal to provide an easily accessible bitcoin trade solution that involves only cash, phone number, and one proof of ID. This new strategic partnership will eliminate the role of bitcoin exchanges which adds extra complexity to trade.