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The cash-to-cryptocurrency company DigitalMint and the ATM manufacturer Hyosung America have entered into a collaboration agreement. This deal enables Bitcoin (BTC) purchases to be made at any of Hyosung America’s 175,000 ATMs situated within the United States.
In addition to offering its own Bitcoin (BTC) and Litecoin (LTC) payment channels, including as ATMs, bank wires, and teller terminals, DigitalMint offers software API interfaces that allow retailers or ATM owners to sell Bitcoin through their machines.
As part of the agreement, which was disclosed on Tuesday, Hyosung America will incorporate DigitalMint’s cryptocurrency buying services into its soon-to-be-launched API-based app store that will be designed specifically for the company’s automated teller machines (ATMs).
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However, it will be up to the individual ATM operator to decide whether or not they want to incorporate DigitalMint’s services.
Since this means that it is unlikely that the majority of Hyosung’s 175,000 ATMs will actually support BTC buying, it is unlikely that the majority of these ATMs will support Bitcoin.
Plethora of Benefits for ATM Operators
According to Brad Nolan, the Chief Marketing Officer for Hyosung America, the API-based app store will not only provide ATM operators the opportunity to sell bitcoin, but it will also give them the opportunity to deliver a variety of new services to their customers.
He went on to say that with the app store, any ATM operator that uses their retail software platform may subscribe to and download applications like DigitalMint, which would enable their ATMs to do more. This will provide new income streams for the ATM operators as well as the merchants that they work with.
It is possible that a considerable number of new customers may be exposed to DigitalMint’s services as a result of the size of the ATM network that Hyosung America operates.
However, given that DigitalMint only provides cryptocurrency buying services for two different assets, it is not apparent whether or not the two companies have plans to establish any other cooperation in the near future.
Hyosung America is the North American affiliate of the South Korean company Hyosung, Inc., and it claims to be the largest provider of automated teller machines in the United States. Hyosung Inc. is headquartered in South Korea.
In addition to this, the firm has not made any other noteworthy moves in the cryptocurrency space; but, considering that it is now working on an API-based app store, more cryptocurrency collaborations might come.
Public Interest in Crypto ATMs Sees Spike
The United States is presently the country with the most Bitcoin ATMs in the world, according to data that was obtained from Coin ATM Radar as of this month. There are approximately 33,772 Bitcoin ATMs actively operational in the United States.
In comparison, Canada, which is in second position, has a total of only 2,438 Bitcoin ATMs installed, while the total number of Bitcoin ATMs across the entire world is 38,430.
Data from Coin ATM Radar reveals that interest in crypto-friendly ATMs is declining. Earlier in June, a reputable site reported that worldwide Bitcoin ATM installations set a record low in May of just 202, a range that has not been seen since 2019.
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The number did go up, reaching around 714 by the month of June. Despite this, the number is still a significant distance from the all-time high readings of 2,037, which were set in August of 2021.
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