In this interview, you will hear Zach Harvey, the CEO of Lamassu talking about Bitcoin ATMs in general.
In the beginning, Zach made an interesting explanation of why Switzerland is the country to be in when operating a Bitcoin ATM manufacturing business. They started doing their business on Virgin Islands, New Hampshire and Bulgaria. After the latter relationship terminated they had to operate without a bank account for over a year, and they finally managed to get the account in Switzerland. So it started off about with just being about a bank account, but later they fell in love with the level of stability and the complete community there. They are impressed with how the government accepts crypto and talks about it like a completely legitimate thing and embrace the fact that they issued licenses to two Crypto Banks in the past year.
Peter McCormack in his series of podcasts covers bitcoin ATM operations from various angles. If you are looking into operating of bitcoin ATM’s the full series of 5 episodes will be an interesting listen.
The first episode is with Gil and Eric from Athena Bitcoin, one of the largest operator on the market. They also one of operators who expanded business over national border and installed ATM’s in Argentina and Colombia.
Gil and Eric met 5 years ago and thought about business opportunities of getting into the money flow related to cryptocurrencies. In late 2014 they started a business with several ATM’s in Chicago area and saw an immediate demand. Then expanded business to other states and countries with currently 65 ATM’s in the U.S. (in 8 different states), 22 in Colombia, 11 in Argentina, and are looking to expand into Mexico.
The last month of 2019 saw the price of Bitcoin fluctuate a bit. December started with a price of $7,361 and maintained a steady flow until mid-month when it decreased to $6,602. After that, it increased again and at the end of the month, it was $7,232. As we can see, the price encountered a small decrease of 1.8% when compared to the price at the beginning of December.
The number of new machines continued to grow at a relatively stable rate, unlike the change in the price of Bitcoin.
Period Start: 6049, Period End: 6393 Opened: 447, Closed: 103, Net Growth: +344(5.7%)