Digital Currency Expands Retail Footprint
Digital currency could play a bigger role in the retail tech world in 2021, and the latest evidence of that comes from Coin Cloud, a digital currency machine (DCM) provider.
It announced that it has installed its 1,250th kiosk. This milestone for Coin Cloud coincides with widespread digital currency adoption, the company said.
"Our 1,250th installation is the result of exponential growth. We deployed over 50 kiosks this week during the holidays, and doubled our installed base every six months for the last two years," says Chris McAlary, CEO of Coin Cloud. "It's exciting to see consumer and retailer demand for DCMs grow so quickly. People want more control over their finances, and we're living proof of digital currency's mainstream acceptance."
These machines empower users to buy and sell bitcoin and numerous other digital currencies with cash at any Coin Cloud location. Currently, 61% of two-way DCMs in the U.S. are owned and operated by Coin Cloud.
"Our machines meet a critical consumer need because they grant anyone an instant, trusted gateway to the digital economy," McAlary said. "We make the intangible tangible, converting digital currency to physical currency and vice versa on demand. Previously, digital currency users would have to meet in person to trade bitcoin for cash. Coin Cloud's integration of DCMs with digital wallets are becoming the cash machines of the 21st century."
Coin Cloud also offers a free mobile wallet app to complete a seamless customer experience.
Coin Cloud said its retail partners are going all-in on this trend. The deliver some of the highest revenue per square foot in retail, surpassing the performance of self-service kiosk superstars like Redbox and Coinstar, Coin Cloud said. They propel additional traffic into stores while boasting a tiny footprint.
"As more people embrace digital currency, we want to make it as easy and accessible as possible," said McAlary. "The self-service kiosk has proven to be the perfect portal between cash and the modern mobile wallet economy."