Crypto exchange Coinsquare acquires controlling stake in Just Cash

Canadian cryptocurrency exchange Coinsquare has announced that it has obtained a controlling stake in fintech software provider Just Cash.

Just Cash, which was co-founded by Todd Lawrence and Victor Cook, has developed software that enables any ATM to sell cryptocurrencies to customers for the first time, without the need for new hardware, additional capital investments by the ATM operator, or a mobile application by the user to purchase cryptocurrency through the ATM.

According to CoinDesk, the feature is expected to be introduced in around 250,000 non-bank ATMs, enabling them to accept cryptocurrency transactions via debit cards.

Cole Diamond, CEO of Coinsquare, told CoinDesk that the feature has already been rolled out in some ATM machines. He is seeking to team up with two of the three major non-bank ATMs manufacturers– Nautilus Hyosung, Triton, and Genmega – to integrate with nearly 170 thousand machines across nearly all 50 states in the U.S.

“By using the millions of existing ATMs around the world, we can now bridge the gap and give new users the easiest and most familiar experience to purchase cryptocurrency,” Diamond said. “Bitcoin is new and unfamiliar to many, but ATMs are not. By tapping into the existing global ATM network, cryptocurrency can finally reach the masses. We are bringing that familiar and trusted process into the cryptocurrency world, and vice versa, for the first time.”

With this feature, customers would be able to buy and transact with cryptocurrencies such as bitcoin, bitcoin cash, ether, dash, litecoin, stellar, and others directly through their bank accounts. Following the transaction, the ATM print a receipt showing the user’s private and public keys.

Following this acquisition, Just Cash will operate under the Coinsquare brand. Coinsquare intends to leverage this for expanding its presence in the U.S. in 2020.