It means that each of the Genmega ATM will have capability to retail Bitcoin through LibertyX and crypto customers can buy Bitcoins from the merchants and operators of Genmega ATMs who have requested to enable this capability, via mobile app. Genmega is an independent ATM deployers' favorite ATM manufacturers offering full-line of stand-alone and through the wall ATMs and transactional kiosk.
Genmega ATMs in U.S. have been regular ATMs without offering Bitcoin transactions/services until the partnership.
The purchase of Bitcoin via these ATMs is instant and is very similar to withdrawing cash from an ATM, except that instead of getting cash dispersed, they wil receive Bitcoins. The service will therefore expand the accessibility and local availability of Bitcoin services to customers.
Following the partnership, Genmega ATM will be able to enable the LibertyX capability by a simple update to start selling Bitcoin. The move will bring simplicity, convenience and trust to the crypto buying experience and merchants or ATM operators already running Genmega ATMs do not need to pay any upfront costs and it is just done via a simple update.
Customers willing to buy Bitcoins can use the LiberyX iOS and Android mobile app or website to find a nearby store that can allow them do so. They can then pay cashier to buy Bitcoins of up to $1,000 per day and they can instantly redeem their address. The fee is deducted from the customer's payment, vary from one store to another, and can be viewed by clicking on a specific location in the store locator. Some miner fees is also deducted from the Bitcoin sent.
The price of Bitcoin on the platform will be calculated using an index of Bitoin exchanges including Coinbase, Bitfinex and Bitstamp among others. The stores accept cash, debit, cash/debit kiosk and cash PIN.
LibertyX was launched as a cash-to-bitcoin ATM in 2014 and is America's largest retail bitcoin exchange with thousands of locations nationwide. Customers can use it to purchase cryptocurrencies easily and instantly using LibertyX app at local stores. They launched the first Bitcoin ATM in Boston and now have thousands of locations all over the country.
For merchants and ATM operators, this will be an opportunity they can use to grow revenue and transactions. Merchants interested in adding Bitcoin to their ATMs can contact their ATM operators and request an application at addlibertyx.com.
Merchants and operators of Genmega will earn commissions on every LibertyX transaction at their machine. Their store will also be highlighted in the LibertyX mobile app and website. They will also be provided with support to set up the functionality.