Coin Cloud, a Bitcoin ATM company with units around the country, has announced that its platforms will now host more than 70 other cryptocurrencies.
“Coin Cloud decided to add altcoins because we wanted to give customers the ability to purchase these coins directly through us,” A. J. Henry, Coin Cloud’s public relations manager, told Distributed. “Previously, our customers that wanted to purchase altcoins would have to purchase bitcoin and deposit the bitcoin on to a third-party online exchange. For a novice crypto user, this process can be difficult and time consuming. Now, Coin Cloud gives customers the ability to purchase different cryptocurrencies with cash, easily and conveniently.”
The technology for this upgrade “has always been available on our platform,” Henry added, but Coin Cloud “waited until Q1 of this year to launch the program to make sure that we vetted the platform and the various offerings.”
Many of the most prominent cryptocurrencies were named specifically as additions to the ATMs, including ether, litecoin and tron. Other large cryptocurrencies, including bitcoin cash, were notably absent.
“We picked the top market cap coins and then saw if we would have any compliance issues with those coins,” Henry said. “The coins that didn’t fit in our guidelines were removed from our selection. The plan is to add more coins, based off the success of this most recent launch.”
Coin Cloud is “focused on expanding our fleet to every city in America” and its developers have identified a market for “crypto users that had issues exchanging cash for altcoins directly.”