LibertyX, which operates a network of Bitcoin (BTC) ATMs in the US, has started offering Bitcoin-to-cash conversion option to thousands of its ATMs. As per an announcement on October 26, LibertyX is facilitating Bitcoin cash out feature at 5,000 regular ATMs throughout the US. With this facility in place, any Bitcoin holder can use the ATM to liquidate entire or partial holdings for instant cash.
LibertyX CEO and co-founder Chris Yim stated that earlier, the company’s software only facilitated only buying of Bitcoin with debit cards. The new feature permits holders to get cash for diluting their Bitcoin. Yim also highlighted that Bitcoin has attained new 52-week highs.
Yim said “With the run-up in the price of Bitcoin, consumers are looking for a way to sell Bitcoin without dealing with wire or bank transfer delays.”
The Bitcoin liquidation feature is backed by a restricted number of ATMs in the US, compared with the ones supporting Bitcoin purchases. Yim stated:
“While it’s never been easier to buy Bitcoin, selling is another story. There are almost 15,000 bitcoin ATMs across the U.S., but fewer than 2,000 allow consumers 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, furthering our mission of putting Bitcoin on every block.”
A fee is charged for selling Bitcoin via ATMs. As per the data provided by LibertyX’s helpdesk, the fee charged at Bitcoin ATMs by LibertyX is 8%. Yim stated that LibertyX’s Bitcoin price is calculated on the basis of data from multiple exchanges, matching with that of prices quoted by Coinbase.
LibertyX hogged the limelight in October 2020 after reports indicated that the Nevada based Tesla Fremont Gigafactory had a working Bitcoin ATM. In August, representatives of LibertyX informed that the company facilitated Bitcoin sales and purchases at three employee supported ATMs at Tesla.
