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CoinCloud Bitcoin ATMs Give Financial Tools to America’s Unbanked

Las Vegas, Nevada. April 27, 2016​. –There are emerging opportunities in the United States for bitcoin as an alternative financial option, as Las Vegas­based Coin Cloud is proving. Coin Cloud is the largest bitcoin ATM (BTM) operator on the west coast, with over 15 Bitaccess BTM kiosks and plans to continue rapid expansion nationwide.

Everyday, Coin Cloud sees huge demand for bitcoin in the U.S. among the unbanked and underbanked. Within the Las Vegas and Los Angeles areas in particular, Coin Cloud has customers without the right credentials to get a bank account. These customers may have, for example, a passport but not a resident ID often required by financial institutions for an account. Others may not speak English or are uncomfortable walking into a bank. In these cases, people are essentially “swapping a bank account for a smartphone”, said Chris McAlary, CEO of Coin Cloud.

Many use BTMs to send money out of the country. These are customers who want to send savings to family and friends in other developing countries, where most of the population exists beyond the reach of traditional financial systems. Remitters in the U.S. can turn cash into bitcoin at BTMs. Then, they can transfer BTC to anyone anywhere in the world over the internet. Another advantage Coin Cloud capitalizes on, especially in Las Vegas, is bitcoin’s frictionless cross­border capabilities. Coin Cloud has international travelers who come to Las Vegas and use bitcoin to bring their bankrolls.

This eliminates the constraints of daily ATM limits, bank fraud alerts or hazards of carrying large amounts of cash. These customers convert stakes from BTC into cash at BTMs such as the one operating at the D Casino.

Coin Cloud continues to look for prime locations to host BTMs nationwide. McAlary said the best places for BTMs are ones with maximum accessibility. Places like 24 hour convenience stores, vape shops and publicly accessible locations in urban areas are ideal hosts. Much like conventional ATMs, these are locations where people will use BTMs. “The kiosks draw a wide range of new customers, on average 200­300 a month, that would have otherwise not entered a store,” said McAlary.

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Press Contact

Annie Lewis ­ annie@bitaccess.co

For more information about Coin Cloud, please visit http://www.coincloudatm.com/.

For more information about Bitaccess, please visit https://blog.bitaccess.co/.

Mark Arguinbaev

I'm a 28 year old cryptocurrency entrepreneur. I was introduced to Bitcoin in 2013 and have been involved with it ever since. Fun Fact: I mined cryptocurrency using my college dorm room's free electricity.

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