Overstock.com Inc. has installed a bitcoin ATM at its Salt Lake City office, the latest in a number of initiatives by the e-commerce site to stimulate the bitcoin economy, both internally and externally.
The ATM is manufactured by CoinOutlet.
Overstock was one of the first businesses of its scale to accept bitcoin around one year ago. Since then, it has kept its high profile in the cryptocurrency space. Recently, the company offered its employees the option of getting paid in bitcoin, and even offered a 1-2% bonus to employees electing to do so. With the ATM, CEO Patrick Byrne wants to also generate awareness about Bitcoin. He told CoinDesk:
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“Things like an ATM machine and seeing people standing in line in front of you are what’s going to make it start registering for people.”
Overstock’s initial success in bitcoin-based sales coincided with an upsurge in general interest and awareness, as reflected in prices exceeding $1,000 at the time. Since then, however, sales have not grown at the desired pace and last year’s numbers fell well short of high expectations.
However, the company’s overall performance of late has been impressive. After its stock plummeted by over 30% one year ago, it has since mounted nearly a complete comeback as consumers find favor with its niche merchandise.