SatoshiPoint & Cashin Complete Merger
SatoshiPoint & Cashin Complete Merger
The oldest cryptocurrency ATM provider in the UK merges with the largest Bitcoin Teller in the UK as part of plans to become a global cryptocurrency player providing different services for the retail market. Cashin main service is allowing merchants like Bureaus de Change to buy and sell Bitcoins, it is now becoming part of the SatoshiPoint family.
SatoshiPoint has been bringing cryptocurrency to UK highstreets longer than anyone else (since 2014 that is). Up until now the company has had a more than decent foothold within the UK, with locations running from London all the way to Cardiff & Manchester. Nonetheless, SatoshiPoint’s appetite for market share grows & now hopes to not only be the largest crypto ATM provider, but the largest UK highstreet cryptocurrency provider overall, with the addition of Cashin’s locations.
Benoit (Cashin’s CEO) heard about the Bitcoin for the first time at Burning Man in 2013 but really felt into it in late 2016. At the time, he struggled to open an account at some exchanges like Coinbase UK as a French citizen and UK resident. During this time Benoit had started to witness the rise of the Bitcoin ATM, comparing the 499 Bitcoin ATMs available worldwide in the beginning of 2016, with the 900+ locations by the end of the year (by the way, that number now sits at 6,316).
“I wanted to democratise the access to Bitcoin to non tech-savvy people” the Frenchman stated. Thus Cashin was born, not as a physical ATM location, but as a Teller service which provides merchants the opportunity to buy and sell Bitcoins to customers risk free and very simply through a Tablet or a smartphone provided by the company.
Not only FX Bureaus but merchants like mobile stores, newsagents, coffee shops saw an increase in their footfall by selling Bitcoins and started asking to offer the possibility to accept Bitcoin as a payment.
Additional services
Another service that Cashin was able to provide to its agents with superfast confirmations of on-chain transactions.
For this Point-of-Sale Teller service “Bitcoin Accepted here” the company’s business model entailed a 0% fee for the merchant (quite literally turning the business proposition into free advertising & footfall) and a 1% fee for the customer.
He added, about his core virtual ATM service “At the moment most bitcoin ATM customers prefer to face machines rather than speaking with an agent to buy cryptos, but with the new regulation things might change, also the mass adoption requires basic education than can be done by Agents.” Benoit explains, he also believe the remittance industry will be disrupted by the cryptocurrencies, where positive “arbitrage opportunities are possible” in emerging countries where the bitcoin price is higher and way more valuable than some local currencies.
Together, SatoshiPoint ATM and Teller is already the UK’s number one highstreet cryptocurrency provider.
