GetGo Café+Market, a unit of Giant Eagle, has agreed to allow Bitcoin Depot to install bitcoin ATMs in 125 of its metropolitan locations, the companies announced Tuesday.
The bitcoin ATM kiosks are expected to draw traffic to GetGo’s locations and allow the convenience-store chain to better compete with rivals Circle K and Kwik Trip, which also offer retail space to bitcoin ATMs. Kwik Trip is partnering with Coinsource, another bitcoin ATM network, while Circle K also works with Bitcoin Depot, which has about 7,000 kiosk locations in 48 states and 10 Canadian provinces. It has 1,900 bitcoin ATMs in Circle K stores
“By partnering with convenience stores, Bitcoin Depot is able to expand its reach and make it more convenient for customers to buy bitcoin as convenience stores typically offer long operating hours and easy parking,” said Sarah Wessel, vice president of sales at Bitcoin Depot, which is based in Atlanta.
Many bitcoin users don’t have access to traditional banking services, Wessel said. Bitcoin ATMs in convenience stores have provided a needed alternative, and Bitcoin Depot has more ATM locations than any other provider, the company said.
GetGo, with headquarters in Pittsburgh, has more than 270 locations throughout western Pennsylvania, Ohio, northern West Virginia, Maryland and Indiana.
- GetGo is No. 31 on the 2023 Top 40 update toCSP’s2022 Top 202 ranking of U.S. c-store chains by store count.
GetGo said its focus remains on offering foods and convenience products to consumers, but allowing the bitcoin ATMs will offer another reason for customers to visit its stores. “Providing our guests with high-quality foods and the best in convenience is our top priority at GetGo,” said Brandon Daniels, GetGo's public relations manager. “We continually look for new ways to better serve them, and new technologies are just one of the ways we can exceed their expectations.”
Bitcoin Depot said partnering with GetGo will allow it to increase its visibility and attract new customers because of its extended hours and the foot traffic it gets throughout the day.
“Convenience-store owners benefit from the partnership with Bitcoin Depot because it provides them with an additional revenue stream. Overall, the convenience-store market presents a great opportunity for Bitcoin Depot to expand its services and reach a wider audience, while also providing a convenient solution for those looking to buy Bitcoin,” Wessel told CSP Daily News.
While bitcoin, an alternative currency stored in the digital space, has experienced ups and downs this year—several competitors to market leader Bitcoin Depot are under heat from regulators after filing for bankruptcy protection or failing to meet their obligations to customers holding bitcoins—the cryptocurrency is recovering.
As uncertainty over the economy this month has precipitated a liquidity issue at several California banks, bitcoin is making a comeback, though some investors continue to bet against it, The Wall Street Journal reported Wednesday. The world’s largest cryptocurrency has climbed 21% in March and about 70% since Jan. 1, the Journal said.
Bitcoin Depot said the turbulence in the traditional financial markets makes cryptocurrency more desirable for some people. It’s often purchased by those who don’t have access to traditional financial opportunities.
“Bitcoin is a decentralized digital currency that operates on a blockchain network, which means it is not subject to the direct control of any government or financial institution. This feature of bitcoin makes it a feasible currency for people to consider during times of turmoil in mainstream financial markets,” Wessel told CSP Daily News. “The supply of Bitcoin is limited to 21 million, which means it cannot be devalued through oversupply. This means it may be a more stable store of value than traditional.”
The convenience store market provides plenty of opportunity for Bitcoin Depot to expand its services and reach a wider audience, Wessel said.
The partnership with GetGo is expected to strengthen Bitcoin Depot’s presence throughout the Midwest and Mid-Atlantic.
“We’re thrilled to work with a leading convenience-store brand like GetGo to grow the footprint of Bitcoin Depot BTMs across locations in multiple states,” said Bitcoin Depot CEO Brandon Mintz. “We’re confident in our technology’s ability to provide easy and convenient crypto access to GetGo’s existing patrons while adding holistic value to their business and encouraging new customer traffic as well.”
Bitcoin Depot allows users to convert cash into bitcoin through the BDCheckout feature on its app and at its kiosks, the company said.
The vertically integrated Bitcoin Depot uses its own operating software called Bitaccess, which allows for a streamlined transaction process and supports BDCheckout.
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