LibertyX wants to provide instant Bitcoin cashouts as the token hits new 2020 highs.
LibertyX, a major retail network of Bitcoin (BTC) ATMs in the United States, is expanding Bitcoin sales options at thousands of its ATMs.
According to an Oct. 26 announcement, LibertyX has enabled a Bitcoin cashout feature at 5,000 regular ATMs across the United States. As such, consumers can now sell Bitcoin for cash at any of the participating ATMs.
LibertyX CEO and co-founder Chris Yim said that previously, the firm’s software only supported Bitcoin purchases with debit cards. The latest addition allows holders to receive cash for selling their Bitcoin.
Yim noted that Bitcoin has reached new yearly highs. “With the run-up in the price of Bitcoin, consumers are looking for a way to sell Bitcoin without dealing with wire or bank transfer delays,” Yim said.
The Bitcoin sale feature is supported by a limited number of ATMs in the U.S. compared to Bitcoin purchases. Yim said:
“While it’s never been easier to buy Bitcoin, selling is another story. There are almost 15,000 bitcoin ATMs across the U.S., but fewer than 2,000 allow consumers to sell bitcoin for cash. Our ‘cash-out’ product deployed across 5,000 ATMs triples the number of Bitcoin ATMs where consumers can sell Bitcoin, furthering our mission of putting Bitcoin on every block.”
Bitcoin sales at ATMs come with their own fees. According to data from LibertyX’s helpdesk, the consumer fee at Bitcoin ATMs by LibertyX is 8%. Yim said that LibertyX’s BTC price is based on an index of exchanges, tracking closely to Coinbase’s consumer prices.
LibertyX came under the media spotlight in October 2020 shortly after reports claimed that the Tesla Fremont Gigafactory in Nevada had an operational Bitcoin ATM. LibertyX representatives told Cointelegraph that the company enabled BTC sales and purchases at three employee-accessible ATMs at Tesla in August 2020.