The state-owned financial services company NCR Corporation has reached an agreement to buy LibertyX, which runs a network of Bitcoin ATMs.
NCR Corporation announced yesterday that it has implemented plans to buy the largest US Bitcoin atm company, LibertyX. This news comes as the Fortune 500 company continues its path to become an established player in the crypto space. The announcement noted that NCR intends to use the acquisition of LibertyX to improve its efficiency in providing Bitcoin services offered from its more than one million ATMs worldwide.
The press release also pointed out that NCR plans to use LibertyX’s existing software solutions to offer services to restaurants, retailers, banks, pharmacies and supermarkets. NCR Chief Technology Officer Tim Vanderham explained that the decision to proceed with the acquisition was driven primarily by the need to serve its now-expanded customer base.
« Due to increasing consumer demand, our customers need a complete digital currency solution, including the ability to buy and sell cryptocurrencies, make cross-border fund transfers, and accept digital currency payments across digital and physical channels “, explained Mr. Vanderham.
NCR expanded its presence in the Bitcoin market after announcing a partnership last June that would allow 650 financial institutions to transact in Bitcoin. At the time, NCR reaffirmed its faith in the benefits of crypto and said it planned to use its relationship with banking institutions to achieve this goal.
LibertyX was launched in 2013 and has since become one of the largest ATM operators within the Bitcoin community. At the time of writing, CoinATMRadar’s data reveals that there are approximately 9,500 ATM’s of cryptocurrencies that LibertyX has set up. The figures attributed to LibertyX contribute significantly to the more than 24,000 crypto counters worldwide, at a time when Bitcoin, and cryptocurrencies in general, are still growing.
Chris Yim, CEO and co-founder of LibertyX, called NCR an industry leader in its field and said LibertyX is ready and willing to provide its services to NCR customers.
« We look forward to providing NCR customers with the ability to quickly and easily deliver the digital payments and cryptocurrency capabilities that consumers want, while significantly expanding the reach, breadth and scope of our software “, he said.
The announcement did not disclose further details about the finances involved, but it explained that the deal would be completed later in the year. The attitude towards Bitcoin has gradually changed with the growth of crypto markets over the year. In February, Virginia-based Blue Ridge Bank became the first bank to offer Bitcoin ATMs services in the United States after partnering with LibertyX.