Libertyx, a U.S. bitcoin ATM operator, announced Monday that 5,000 ATMs in its network now allow users to convert their bitcoin into cash. This upgrade increases the number of bitcoin ATMs supporting cash sales in the United States from fewer than 2,000 to roughly 7,000. CEO Chris Yim told Bitcoin.com that the company has also eliminated the waitlist for buying bitcoin at 20,000 chain retailers including 7-Eleven, CVS, and Rite Aid, and extended a zero-percent conversion fee promotion.
Cash-Out Capability Triples
Yim noted that while there are nearly 15,000 bitcoin ATMs across the U.S., only about 2,000 previously allowed users to sell bitcoin for cash. “Our cash-out product deployed across 5,000 ATMs triples the number of bitcoin ATMs where consumers can sell bitcoin,” he said. He explained that traditional bitcoin ATM kiosks cost over $10,000 each, making them unprofitable in small towns with 15,000 residents. But Libertyx leverages existing hardware—traditional ATMs and retailer point-of-sale systems—to keep costs minimal, enabling penetration into rural and suburban markets.
Disruptive Pricing Model
Compared to traditional BTM operators charging 12%-20% fees, Libertyx offers much lower rates: 1.5% at CVS and Rite Aid for cash purchases, and 8% for debit card transactions at ATMs. Yim said this model allows profitability even in underserved regions. “With no interest at most banks and volatile stock and jobs markets, consumers increasingly want an uncorrelated asset with asymmetric ‘lottery ticket’ return potential. Bitcoin fits that need,” he added.
User Behavior: Small Test Purchases Lead to Repeat Customers
Yim shared typical user patterns: “Customers usually buy $20-50 initially, get comfortable with wallets and confirmation times, then come back and buy more.” He emphasized that bitcoin demand continues to rise across the country, with particularly strong adoption in rural and suburban markets. Notably, Libertyx’s ATMs are not listed on Coinatmradar, the leading crypto ATM tracker. Yim explained that the site only lists dedicated crypto kiosks, not hybrid machines offering traditional banking services. “They offered to list us under ‘Other Services’ but it’s not searchable by default,” he said.
The strategy of lowering barriers and expanding use cases appears to be key in driving everyday cryptocurrency adoption.