Coinsource wins Alaska Bitcoin ATM license
Bitcoin ATM provider Coinsource is expanding in Alaska after receiving the state’s first and only Alaska Money Transmitter License. Coinsource joins four other operators of Bitcoin ATMs — known as BTMs — in Alaska, none of which have such a license. The Alaska Division of Banking and Securities license provides a guarantee that money transmitters […]
Bitcoin ATM provider Coinsource is expanding in Alaska after receiving the state’s first and only Alaska Money Transmitter License. Coinsource joins four other operators of Bitcoin ATMs — known as BTMs — in Alaska, none of which have such a license.
The Alaska Division of Banking and Securities license provides a guarantee that money transmitters engage in legal and ethical business practices. Although BTM providers can operate in Alaska without a license, doing so may put their users at risk of financial loss.
Coinsource says it provides BTMs within a 15-minute drive of 75 percent of the U.S. population.
In 2020, Coinsource tripled the number of BTMs it operated across the U.S. as the BTM industry experienced growth of 177%.
Despite Coinsource’s upbeat outlook for the BTM business, the growing adoption of digital transactions using e-wallets has led some finance industry observers to suggest that ATMs and BTMs may become outdated.