Coinme, a prominent cryptocurrency cash exchange in the United States, has partnered with over 22,000 participating ATMs through its Coinme-as-a-Service (CaaS) offering, enabling instant sales of cryptocurrencies. This allows the conversion of digital currency to physical cash at various locations across large retailers, including major grocery stores, pharmacies, and convenience stores across the US. According to Coinme’s co-founder and CEO, Neil Bergquist, the interoperability of cash and cryptocurrencies is crucial for widespread digital currency adoption. The addition of these ATMs increases the accessibility and inclusivity of the digital currency ecosystem, making it easier for people to convert crypto to cash and pay for goods and services instantly. The supported cryptocurrencies for cash-out include Bitcoin, Chainlink, Dogecoin, Ethereum, Litecoin, Lumens, Polygon, and USD Coin.
Cashing out crypto with Coinme through the app for pick-up at participating ATMs is a straightforward, instant, and low-cost process. Fees for crypto sales include a flat, low fee of $2.50, plus an exchange fee (if applicable). The transaction is staged on the Coinme app or website and finalized via a cardless transaction at any participating ATM. The user can sell crypto in increments of $20, up to $400 per transaction and $2,000 per day (location-dependent). To sell crypto for cash, one needs to download the Coinme app on their iOS or Android device, create an account, and select the amount of crypto to sell. When the transaction is completed, a cash code is issued, which can be redeemed for cash at a participating ATM location using the phone number and cash code provided in the app. Bergquist added that this integration makes Coinme’s ATM network more extensive than the country’s largest bank ATM networks, providing a bank-like transaction experience for everyone who holds crypto.