Tuesday 11, July 2017 by Jessica Combes

Coinsource adds five bitcoin ATMs in Phoenix


Coinsource, one of the world’s largest bitcoin ATM networks, has marked its entry into Arizona, launching five new machines in Phoenix Metropolitan Area.

The bulk installation caps off a strong Q1 and Q2 for the Texas-based company, installing 50 machines so far this year, now with a portfolio of 116 machines across 10 states. The five new bitcoin ATMs have been installed in Phoenix, Peoria, and Mesa.

“We are really excited about our reach into Phoenix, one of America’s largest metropolitan areas geographically, and the fifth largest by population. We simply addressed a market need there and we are proud to provide more options to people who are starting to use bitcoin, or want to use it, as commonly as they use cash or credit cards. We are also proud to start doing business in a state that is so blockchain technology progressive. In March, Arizona Governor, Doug Ducey signed a bill recognising blockchain signatures and smart contracts as state law,” said Sheffield Clark, Coinsource CEO and Co-Founder.

Focusing on national expansion and renewed efforts on international growth, Coinsource reported strong installation figures by quarter. In Q1 2017, Coinsource installed 34 machines, and in Q2, 16 machines, totalling 50 for the first half of the year.

“Coinsource has had a busy three months; we’ve conducted several recruitment rounds, strengthened our team to 20, and are now close to announcing significant projects outside the US. Q3 is set to be our biggest quarter yet, with a higher rate of installations planned, more team members coming on board, and more state by state market entrance,” added Clark.

Concurrent to the installation in Arizona, Coinsource also added two machines in Los Angeles, and two in Las Vegas.   

“The specific locations of our machines are selected based on their high vehicle and foot traffic, parking convenience, ease of access and long trading hours of the stores they occupy. This quarter in particular, we’ve seen increases in volume; our customers are telling us they are far more willing to buy and sell bitcoin at physical, conveniently located machines than deal with the hassle of online exchanges,” he added. 

According to trusted ATM tracking website, CoinATMRadar, Coinsource controls 15 per cent of the bitcoin ATM market. Coinsource has a strong presence in California, Nevada, Texas, Louisiana, Missouri, New Jersey, New York, Pennsylvania, Tennessee, and Arizona.


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