The American city of Chicago like New York is known to be a financial hub. Looks like a little Cryptocurrency is being added to the mix too!
Chicago at the time of writing boasts of 226 Cryptocurrency ATMs. With an additional 30 Cryptocurrency ATM’s to be implemented in the state thanks to Lux Vending. According to the Chicago business, It will be provided under the brand Bitcoin Depot.
You may think that Bitcoin Depot is ruling the Crypto ATM market in Chicago. However, there is some serious competition in the field. This includes Red Leaf Chicago, which has 60 of the city’s Crypto ATM’s.
Chicago’s traditional exchanges CBOE Global Markets and CME Group implementing Bitcoin Futures portrays Chicago’s financial industry’s vision for a crypto-enabled service in the state. The popular American based Crypto exchange, Coinbase too is quite active in Chicago along with startups such as ErisX and SeedCX which are developing their own trading platforms.
Crypto exchange Coinbase is also very active in Chicago, as well as a large number of crypto startups, such as ErisX and SeedCX, which develop their own trading platforms.
As for Cryptocurrency ATM’s, they may seem to help in mass adoption. However, it takes away from the cheap transaction costs with fees in the highs of ten and twenty percent for fiat to Crypto exchanges. Another disadvantage is the fact that most of the Crypto ATM’s don’t allow Cryptos to be sold back to fiat.
Bitcoin Depot is apparently going to waive the high transaction fees for an unspecified limited period and so could lead to a higher rise in interest.
It’ll be interesting how Crypto ATM’s start developing, and the steps companies will take to use it for the mass usage of Cryptocurrency.
In other news: Venezuela to get its first Bitcoin ATM
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