Bitcoin ATMs

Bitcoin ATMs are Mushrooming Fast in Chicago

A recent report has said that Chicago is all set to receive 30 new Bitcoin vending machines. These BTC ATMs will be installed by Lux Vending, under Bitcoin Depot brand. Reports say Chicago became the recent favorite among Bitcoin ATM vendors because this city has a cryptocurrency adoption rate higher than average. The new Bitcoin ATMs will help users trade physical US Dollars for Bitcoin and other cryptocurrencies such as Ether.

  • Bitcoin Depot is not the only brand to install cryptocurrency vending machines in Chicago. There are other startups too that have installed Bitcoin ATMs in the city.
  • Red Leaf Chicago is one such startup that has already installed sixty Bitcoin ATMs in the city. In fact, there are 200 such vending machines across the twenty-one states of the USA. Therefore, the crypto ATMs owned by Red Leaf Chicago account for 30% of the total number of such machines in the United States.
  • Another startup has installed Bitcoin ATMs in Chicago is Athena Bitcoin. Currently, it owns 3 ATMs in Chicago. However, this startup is setting its sight more on the South American market, where the digital assets are gaining huge popularity, mainly based on the necessity.
Bitcoin ATMs

Why is Chicago becoming such a Popular Destination for Bitcoin ATMs?

Eric Gravengaard, CEO of Athena Bitcoin ATM vendor, said during an interview that a large degree of adoption in Chicago is evident. He referred to the vibrant history of Chicago with respect to the financial industry, which is driving the fast adoption of cryptocurrency.

The popularity of Bitcoin and other cryptocurrencies got a shot in the arm after local stock exchange companies such as CME Group and CBOE Global Markets launched first-ever Bitcoin Futures contracts during late-2017. In fact, Coinbase and other cryptocurrency related startups (such as SeedCX and ErisX) have a significantly large base of operations in Chicago, which in turn is driving the popularity of Bitcoin in Chicago.

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