CoinFlip deploys Crypto ATMs in Yesway and Allsup’s stores across the US

CoinFlip has partnered with leading grocery chain Yesway to install cryptocurrency ATMs in its stores across the US.

CoinFlip announced on September 12 that it will be deploying digital currency kiosks, commonly referred to as “bitcoin ATMs,” at 45 Yesway and Allsup store locations in the US states of Texas, South Dakota, New Mexico, Wyoming, and Iowa.

Yesway, one of the fastest-growing grocery chains in the U.S., operates more than 435 stores across nine states. The company includes two brands, Yesway and Allsup’s, which became part of its portfolio following an acquisition in 2019.

According to Josh Allen, CoinFlip’s VP of Global Kiosks and International Group, the partnership aims to provide Yesway customers in these states with “an easy, simplified, and secure way to buy and sell” eight different cryptocurrencies, including Bitcoin.

CoinFlip offers crypto ATMs, or kiosks, with touchscreen interfaces that allow users to buy and sell cryptocurrencies directly using cash. The company currently offers crypto teller machines in eight countries outside the US and is the second largest crypto ATM provider, accounting for 13.6% of all crypto ATMs globally.

The company completed its North American expansion last month with the launch of cryptocurrency ATMs in Mexico. The company opened 20 new ATMs across Mexico City and placed them in high-traffic spots like shopping malls and coffee shops.

Crypto ATM growth encourages illegal activities and regulatory actions

As of September 11, there are 38,260 crypto ATMs worldwide, a number that has been steadily increasing since July 2023 but has yet to reach the peak of nearly 40,000 in December 2022.

The growing crypto ATM market has brought with it a surge in scams and fraud. According to the Federal Trade Commission, losses related to such schemes are set to increase nearly tenfold from 2020 to 2023, exceeding $65 million in the first half of 2024 alone, with older adults facing the most risk.

Meanwhile, in the United Kingdom, the Financial Conduct Authority has ruled that all crypto ATMs operating in the country are illegal unless they are registered with the regulator. The regulator recently made its first prosecution in this effort, charging an individual accused of operating a network of unregistered crypto ATMs.