Cryptocurrency

CoinFlip brings cryptocurrency ATMs to Washington state as demand soars for bitcoin-buying machines

CoinFlip, a supplier of cryptocurrency ATM machines, is bringing the ease of bitcoin transactions to locations across Washington state.

The Chicago-based company is among a handful of operators who are flooding gas stations, grocery stores and elsewhere in the U.S. with the machines which allow users to buy and sell digital currency. Reuters reported on the growing phenomenon driven by the popularity around bitcoin.

There are currently 32,305 bitcoin ATMs across the country, according to a website that answers just that — howmanybitcoinatms.com. CoinFlip has 1,958 and is growing.

CoinFlip’s Washington machines will be located in Seattle, Everett, Vancouver, Yakima (two each); Spokane and Spokane Valley (three); and Olympia, Aberdeen, Tumwater, Battle Ground and Puyallup (one each).

CoinFlip is bootstrapped and employs 182 people. The company makes money from transaction fees. It charges a 6.99% fee for buying and selling cryptocurrencies across all of its ATMs.

Seattle-based startup Coinme, meanwhile, announced that it has brought its business to Florida with the launch of more than 300 bitcoin-enabled kiosks at select grocery outlets across the state. The company, which partners with Coinstar, has nearly 6,000 machines in 45 states.

Coinme raised $5.5 million a year ago.




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