Bitstop join forces with Simon Malls to install Bitcoin ATMs

Cryptocurrency is increasingly spreading its reach to business verticals worldwide. With Bitcoin ATMs, users can now buy cryptocurrency directly using cash. In a bid to strengthen its position in the cryptocurrency market, Miami-based Bitstop has reportedly joined forces with Simon Malls, one of the largest shopping mall operator in the U.S., to install Bitcoin ATMs at numerous locations. 

For the record, Bitstop already has set up Bitcoin ATMs at five locations of Simon Malls including Georgia, Florida and California. According to company CEO and Co-Founder, Andrew Barnard, the move was part of their strategy to encourage people that are new to cryptocurrency. It is targeted at those who shop at malls and are unaware of blockchain. 

Barnard claims that Bitcoin ATMs were installed ahead of the holiday season. With the planned timing of this move, consumers can easily buy Bitcoin during Black Friday and Christmas holiday shopping. Moreover, the company is planning to grow its bitcoin ATM network to more than 500 locations by the end of 2020.

As per sources, the new collaboration builds on the foundation of the firm’s previous installation of a Bitcoin ATM at the Miami International Airport, which it announced in mid-October. 

Studies suggest that the Bitcoin ATM network has hit a new milestone this year. Reportedly, there are more than 6,000 ATMs of such kind present across the world, out of which 60% are in the United States. However, authorities are cautious about such bitcoin services.

For instance, John Fort, Chief of Criminal Investigation at U.S. Internal Revenue Service, claims that the regulator is looking into possible tax issues caused because of Bitcoin ATMs and Kiosks. John asserted that crypto kiosks operators should follow the same Anti-Money Laundering and Know Your Customer rules as other cryptocurrency-related businesses.

Source Credit - https://cointelegraph.com/news/bitcoin-atm-firm-partners-with-largest-shopping-mall-operator-in-us