Kwik Trip, a Wisconsin-based convenience store, has announced a partnership with Coinsource, a Texas-based cryptocurrency company to install 800 Bitcoin ATMs.
Apart from Wisconsin, the previously announced Bitcoin kiosks will be built in Minnesota, Illinois, and Iowa. The setup will be placed in “convenient and readily accessible” locations.
Customers are charged an 11% fee by the firm. Bitcoin ATMs generally charge much higher fees than traditional bitcoin exchanges. They are quite popular among individuals who wish to cash out their cryptocurrency without going through the KYC procedure.
The anonymity provided by Bitcoin kiosks has a significant drawback in that it attracts unscrupulous individuals looking to launder their illicit assets.
Kwik Trip’s controller, Dave Wagner, maintains that the ATM operator has “industry-leading” compliance. Kwik Trip first opened its doors in 1965. In 1993, it was extended to Iowa.
In the year 2000, the Zietlow family became the sole proprietor of the store. Kwik Trip will have 800 sites by 2022.
Karuba, a brand of in-store coffee, and Nature’s Touch, a brand of bottled water, juice, and other everyday items, are both owned by Kwik Trip. The expansion of Bitcoin ATMs is still mostly restricted to the United States.
