CoinFlip has partnered with prominent convenience store chain Yesway to deploy cryptocurrency ATMs across its shops in the United States.
CoinFlip announced on Sept. 12 the deployment of its digital currency kiosks, commonly referred to as “bitcoin ATMs,” to 45 Yesway and Allsup store locations across the U.S. states of Texas, South Dakota, New Mexico, Wyoming, and Iowa.
Yesway, one of the fastest-growing convenience store chains in the U.S., operates over 435 locations across nine states. The company includes two brands: Yesway and Allsup’s, which became part of its portfolio following a 2019 acquisition.
The partnership aims to provide Yesway customers in these states “a convenient, simplified, and secure way to buy and sell” eight different cryptocurrencies, including Bitcoin, according to Josh Allen, Group VP of Global Kiosks and International at CoinFlip.
CoinFlip offers crypto ATMs, also called kiosks, with touchscreen interfaces that allow users to buy and sell cryptocurrency directly using cash. The firm currently offers its cryptocurrency teller machines across eight countries other than the U.S. and is the second-largest crypto ATM provider, accounting for 13.6% of all crypto ATMs globally.
Last month, the company completed its North American expansion with the launch of cryptocurrency ATMs in Mexico. The firm rolled out 20 new ATMs across Mexico City, placing them in high-traffic spots like shopping centers and coffee shops.
Crypto ATM growth spurs illegal activities and regulatory action
As of Sept. 11, there are 38,260 crypto ATMs across the globe, and the number has been steadily rising since July 2023, although it is yet to reach its December 2022 high of nearly 40,000.
The growing crypto ATM market has brought with it a surge in fraud and scams. According to the Federal Trade Commission, losses related to such schemes have soared nearly tenfold from 2020 to 2023, surpassing $65 million in just the first half of 2024, with older adults facing the most risk.
Meanwhile, in the United Kingdom, the Financial Conduct Authority has ruled that all crypto ATMs operating in the country are illegal unless registered with the watchdog. The regulator recently marked its first prosecution in this effort by charging an individual for running a network of unregistered crypto ATMs.