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Bitcoin

Bitcoin ATMs to be installed in gas station chain Circle K in NYC

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It’s bitcoin with coffee to go!

Buying cryptocurrency will be as easy as fueling up and grabbing snacks after a new deal to install bitcoin ATMs in a nationwide convenience store and gas station chain.

New Yorkers will soon be able to fill up the gas tank and buy cryptocurrency after gas station chain Circle K announced a deal to install bitcoin ATMs.

“Our goal is to provide as much access as we possibly can for consumers, by putting more ATM machines in all 50 U.S states, including throughout New York,” Brandon Mintz, CEO of Atlanta-based Bitcoin Depot, told The Post.

Users can feed traditional cash into a bitcoin ATM to quickly and easily buy the cryptocurrency, using their cell phones to create a “digital wallet” to house the funds they’re purchasing at the automated tellers.

The machines can also cheaply send money abroad, an option which may prove quite attractive for New York’s “unbanked.”

The “unbanked” account for about 10 percent of New York households, according to the NYC Department of Consumer and Worker Protection, and typically include poorer, immigrant residents who don’t rely on traditional financial institutions to hold their cash.

A cryptocurrency ATM at the Smoker's Choice store in Salem, New Hampshire.
Users can easily send money abroad through bitcoin ATMs.
AP Photo/Charles Krupa, File

The cryptocurrency is considered legal tender in El Salvador and support for legitimizing it is gaining traction in Latin America, according to a report.

“Our kiosks [also] enable those people to store their capital digitally, instead of piling up cash under the pillow,” said Derek Muhney of rival Coinsource, a bitcoin ATM provider in New York who said the region’s “substantial buying power” could make the Big Apple a cryptocurrency jackpot.

Circle K has 6,336 stores nationwide, including several in New Jersey and one on Long Island. Bitcoin Depot is awaiting regulatory approval to operate in New York.

Today, there’s at least 20,000 bitcoin ATMs nationwide, with several hundred in the New York area placed in corner bodegas, delis, laundromats and other locations.

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Blockchain

FTX wallet adds support for BUSD and BNB tokens on the Binance Smart Chain

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In what seems like an ongoing streak towards market penetration, prominent crypto exchange FTX has launched support for BSC BEP20 tokens within its wallet services. While no official announcement was made, FTX CEO Sam Bankman-Fried confirmed the development by saying:

“ftx.com/wallet now supports BSC for BUSD and BNB! (Withdrawals are live — I *think* deposits are; otherwise they will be very soon.)”

Based on the information available, FTX wallets now actively support withdrawals for Binance USD (BUSD) and BNB, both native to the Binance Chain. The company will soon enable users to make deposits via BSC BEP20 tokens. 

However, the services are not yet available for the US-focused FTX platform, FTX.US and other prohibited jurisdictions. In a previous interview, Bankman-Fried opined that governments would require more than three to five years to provide regulatory clarity for crypto businesses that wish to operate within their jurisdictions. The entrepreneur also reportedly spends “five hours a day on everything from regulation to licensing.”

Recently, the company has also limited its users to leverage trades up to 20x instead of offering 101x leverage. The intention behind this move was to minimize the inherent volatility risks associated with crypto trading. Surprisingly, the exchange has not witnessed a reduction in trading volumes following the announcement.

Related: FTX smashes crypto funding record with $900M raise to become exchange decacorn

Complimenting the crypto exchange’s technological developments, FTX’s latest Series B investment round saw over 60 participants. The resultant deal placed FTX’s valuation to a whopping $18 billion, a 1400% increase from previously $1.2 billion.

Other market leaders such as Binance also follow similar methods to promote low-risk trading and increase market adoption. Crediting this move to the “interest of Consumer Protection,” Binance CEO stated that limiting new users to 20x leverage on futures trades was something “he didn’t want to make a thingy.”