Not Your Father’s ATM: The Emerging Market of Cash to Crypto

On the latest episode of Point of Scale, James Prebil interviews Derek Muhney, the Executive Vice President and Head of Marketing at Coinsource — a Bitcoin ATM company and network. The two discussed Coinsource’s growth, how standing apart from other Bitcoin companies and compliance played a factor in their expansion and the types of customers that are increasingly becoming interested in the world of cryptocurrency.

Coinsource has Bitcoin ATMs in nearly every state. Customers are able to quickly access their accounts and utilize the ATMs in less than a minute, due in part because of their own transparency with Coinsource, said Muhney. He added that most of that is mostly to comply with banks and provide auditors with simple information, but not the private information of customers.

Digital assets are becoming more commonplace as consumers are steadily seeking to know more about buying Bitcoin and the cryptocurrency market. Coinsource reaching its level of success was no easy task and that had much to do with the verification process to become a valid operation.

“There’s no secret sauce to it — it’s very simple. We ID verify all our customers from day one and dollar one … and from there you can use any Coinsource kiosk across the country. We’re able to do that because you created your account; because you verified your ID,” said Muhney.

Derek Muhney is the Executive Vice President and Head of Marketing at CoinSource. He was also a finalist in the AMA for Marketer of the Year competition in 2018.