Bitcoin ATM-maker Coin Outlet buys LibertyX network
Additionally, the company announced a new backend system that will allow any ATM — traditional or bitcoin — to transact on the Coin Outlet platform.
Bitcoin ATM manufacturer-operator Coin Outlet Inc. has announced its acquisition of the LibertyX (formerly Liberty Teller) bitcoin ATM network. The four LibertyX machines will remain in their current locations, but will carry the Coin Outlet brand, a company news release said.
LibertyX made history a year ago by launching the first Bitcoin ATM in the United States — at Boston's South Station. According to LibertyX Co-founder Chris Yim, selling the company's ATM arm to Coin Outlet was a natural evolution of their business, and will allow LibertyX to focus on adding partners and services to their existing 2,500 cash-to-bitcoin store locations.
Coin Outlet also announced a newly developed backend network ecosystem that integrates Lamassu bitcoin ATMs. This system will allow any existing bitcoin — or traditional — ATM to transact on the Coin Outlet platform, regardless of the hardware platform of the machine, the release said.
This development will provide Coin Outlet with the capital-raising ability to acquire existing viable ATM markets with proven revenue streams, and grow rapidly, the release said.
"Integrating other hardware solutions into our backend network is part of our expansion strategy as it opens the door for more acquisitions and further scaling of the Coin Outlet network," said Coin Outlet CEO Eric Grill.