Convenience chain to install bitcoin ATMs

Dive Brief:

GetGo Café + Market, the c-store arm of supermarket chain Giant Eagle, is planning to install bitcoin ATMs at 125 locations through a partnership with Lux Vending, doing business as Bitcoin Depot, according to a Tuesday announcement.
Bitcoin Depot’s ATMs let customers convert cash into bitcoin as opposed to needing a digital payment method to buy the cryptocurrency. The partnership with GetGo will boost Atlanta-based Bitcoin Depot’s presence throughout the Midwest and Mid-Atlantic, according to the announcement.
Pittsburgh-based GetGo joins a growing list of c-store operators adding bitcoin ATMs, as retailers increasingly seek new ways to bring customers inside their stores.

Dive Insight:

Bitcoin Depot’s latest deal continues its rapid expansion in the c-store space.

In January, the company revealed several new c-store partnerships, including with FastLane, Gas Express, High’s, Majors Management and Stinker Stores. Overall, partnerships formed in the second half of 2022 grew Bitcoin Depot’s install base by 440 locations, to a total of over 7,000 ATMs in 48 states and 10 Canadian provinces. The company has been working with Circle K since 2021, and also has existing partnerships with TravelCenters of America, Pilot Co., Royal Farms and Kwik Trip.

Neither GetGo nor Bitcoin Depot specified which states the 125 stores receiving ATMs are located in. GetGo’s footprint includes more than 270 stores across Pennsylvania, Ohio, Indiana, Maryland and West Virginia.

“We’re confident in our technology’s ability to provide easy and convenient crypto access to GetGo’s existing patrons while adding holistic value to their business and encouraging new customer traffic as well,” Bitcoin Depot CEO Brandon Mintz said in the announcement.

To use a Bitcoin ATM, consumers first must have a digital wallet or create one via the Bitcoin Depot mobile app, and enter their contact information on the touchscreen. They’ll then receive a verification code on their phone to input into the ATM. Once done, all that’s left is to select the cryptocurrency they’d like to purchase, provide their digital wallet address and push cash into the ATM.