Circle K Facilitates Bitcoin Transactions in 700 Stores Spread Across 30 States
As Circle K’s crypto ATM rollout over the last year shows, consumers’ embrace of self-service has coincided with the increasing popularity of cryptos. A total of 700 Circle K locations in 30 states are now equipped with Bitcoin Depot ATMs. Despite the coronavirus pandemic, the collaboration between the world’s largest supermarket chain and the pioneering crypto ATM operator started in 2020.
As a result of the coronavirus pandemic decimating overall retail sales, the National Association of Convenience Stores forecasts that convenience store inside sales will reach a record $255.6 billion in 2020. According to a panel on crypto ATMs at the recent Self-Service Innovation Summit, government stimulus also fueled cryptocurrency purchases.
Matt Hieb, vice president of global procurement at Circle K, said in an email interview with this website: “Our stores are closely intertwined of the communities we serve, and possessing crypto available for sale gives them a compelling reward to explore our shops. At all of our locations, we have cash dispensing ATMs within a few feet of our crypto kiosks.”
The crypto ATMs of Bitcoin Depot allow customers to instantly purchase more than 30 different cryptocurrencies. It can take up to two minutes to complete a transaction after creating a cryptocurrency wallet account. Coins are purchased by inserting cash into a cryptocurrency wallet and signing up for an account. There is no delay in the user receiving their cryptocurrency.
According to Hieb, “This provides us a robust and meaningful existence in a rapidly growing classification, connecting us up to a wider clientele,” In order to meet current and future customer demands, we’ve broadened our product line through this collaboration.
The Bitcoin Depot website lists all Circle K locations with cryptocurrency ATMs. The use of cryptocurrency ATMs is easier for many consumers, especially those who are less technologically savvy. A large number of potential customers are inquisitive about how they might buy cryptocurrency, and Hieb believes that the machines’ digital manuals and well-placed material has helped to answer such questions.
In response to the fact that our shops have offered consumers with a convenient location to make crypto purchases, we’ve gotten a lot of great feedback. According to Brandon Mintz, CEO of Bitcoin Depot, the price volatility of Bitcoin will have no effect on its development. This is because he believes in the long-term development of bitcoin and other cryptocurrencies and thus doesn’t see the volatility of digital assets as having an impact on his work.
Coinatmradar.com, which analyzes crypto ATMs, reports that Bitcoin Depot had just under 7,000 crypto ATMs in mid-February, accounting for little under 20% of the global market. According to coinatmradar.com, Bitcoin Depot now has a market share of 21.4% in the United States.
Circular K’s senior vice president of global merchandise and procurement, Denny Tewell, said, “At Circle K, we are passionate about making our customers’ lives a little easier every day, and we are continually looking at ways to enhance their experience in our stores and be their favorite stop for a growing range of needs and occasions.”
“In the rapidly expanding cryptocurrency sector, our cooperation with Bitcoin Depot will provide our brand an essential, early presence as a handy location where clients can acquire bitcoin.”