Coinsquare, one of Canada’s biggest digital currency exchanges, has acquired a controlling stake in Missouri-based mobile payment provider Just Cash.
Just Cash enables Bitcoiners to transact the cryptocurrency using regular ATMs. The service operates very similarly to standard ATM transactions as Just.Cash technology enables cryptocurrency transfers to users’ existing wallets with a simple QR scan.
The Toronto-based exchange, which claims $5 billion per year of cryptocurrency trades and over 100,000 customers, said Just Cash would continue to operate independently under the Coinsquare brand.
Earlier last year, Coinsquare purchased BlockEQ, a private Stellar wallet that also serves as a decentralized network for cryptocurrency P2P payments and trading. This acquisition was the first instance in which Coinsquare, aka Canada’s Coinbase, has bought out a smaller company in the blockchain space.
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The trading venue is also making inroads into Asia as it plans to open a new cryptocurrency exchange in Japan.
More about Just Cash
Just Cash works on existing ATM’s by enabling crypto wallets and traditional financial institutions to integrate their offerings. When using the ATM, cryptocurrencies are dispensed to the buyer’s own wallet via a scanned QR code. Once completed, the ATM prints a receipt with transaction details and cryptocurrency public and private keys.
The transaction price will be dependent on the crypto exchange rate, which the ATM retrieves from the internet in real-time. Operators of these devices, on the other hand, can earn revenue each time a user transacts with their machine. The ATM charges an additional percentage fee for the service and factored into the price.
Commenting on the news, Cole Diamond, CEO of Coinsquare, said: “By using the millions of existing ATMs around the world, we can now bridge the gap and give new users the easiest and most familiar experience to purchase cryptocurrency. Bitcoin is new and unfamiliar to many, but ATMs are not. By tapping into the existing global ATM network, cryptocurrency can finally reach the masses. We are bringing that familiar and trusted process into the cryptocurrency world, and vice versa, for the first time.”