Chicago-based Bitcoin of America, reached a company milestone by installing its 500th bitcoin ATM recently.
Founded in 2015, Bitcoin of America has grown from a single BTM in Chicago to providing customers with secure transactions at 542 locations across the U.S. according to a press release.
“Our first BTM generated $30,000 in a month,” Sonny Meraban, CEO, Bitcoin of America said in the release. “At the time, we realized cryptocurrency was being bought by people in low-income communities who are un- and underbanked and rely on cash transactions. However, since that time, the popularity of BTMs has grown to include a large swath of the population, including men and women across all ages and socio-economic backgrounds.”
When Meraban first launched the company there were only a few hundred BTMs across the U.S. Today, there are thousands and Bitcoin of America is in the top five ranking for domestic operators. In the past 11 months, the company added 300 BTMs across the country.
This milestone comes on the heels of the company launching its bitcoin tablet program, an industry first, at the end of 2019. The program uses small point-of-sale tablets to provide cryptocurrency accessibility in smaller markets and rural areas. Tablets also assist first-time users, who are typically unfamiliar with cryptocurrency, with a face-to-face purchasing experience where they can ask questions and receive real-time human assistance.