Dive Brief:
- Bitcoin ATM operator Coinhub is bringing its services to more than 1,000 gas stations as convenience retailers continue adding these machines to attract customers, according to a Monday announcement.
- 7-Eleven, Circle K, RaceTrac, RaceWay, BP and Shell are among the many retailers who partner with Coinhub, according to the ATM company’s website. Working with gas stations and c-stores allows Coinhub to expand its reach in “easily accessible” locations throughout the country, the company said in the announcement.
- The emergence of bitcoin ATMs in c-stores has quietly become a budding trend in 2023, as numerous large-scale chains have brought the machines into their stores.
Dive Insight:
Coinhub’s latest push creates another bitcoin ATM leader in the c-store space alongside Bitcoin Depot, whose machines have quickly surfaced around the country.
Just last month, Bitcoin Depot announced a deal to bring its machines to 125 GetGo stores, and launched partnerships with FastLane, Gas Express, High’s, Majors Management and Stinker Stores in January. Bitcoin Depot has also worked with Circle K, TravelCenters of America, Pilot Co., Royal Farms and Kwik Trip.
Other c-store retailers Coinhub is partnering with include Sunoco, Citgo and ExxonMobil, according to its website.
To use one of Coinhub’s bitcoin ATMs, customers must first create a bitcoin wallet, and then scan their wallet’s QR code after entering their phone number. Customers then insert cash one bill at a time into the machine before confirming the amount of bitcoin they’d like to purchase. Once done, the coins are sent from the machine instantly.
“The Coinhub partnership with gas stations and store owners is a win-win for everyone involved,” Coinhub said in the announcement. “Customers get easy access to bitcoin using cash, while store owners can attract new customers and earn extra income.”
