GREEN BAY – Kwik Trip and Coinsource, a Bitcoin ATM provider, have partnered to install cryptocurrenncy ATMs in nearly every Kwik Trip store in Wisconsin.
Derek Muhney, executive vice president at Texas-based Coinsource, said it is the “largest partnership announcement in the history of Bitcoin ATMs.”
Installation of the ATMs started in March. Muhney said 94 machines are installed and operating in Kwik Trips in Wisconsin. By the end of July that number will increase to 500.
For Kwik Trip, it was a matter of making a deal with a company that had a proven track record, said John McHugh, director of communications at Kwik Trip.
“There’s a lot of newcomers … so we wanted to go with a company that really had a good reputation,” McHugh said.
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Coinsource has a presence in 46 states, with over 2,500 ATMs installed so far.
There is an 11% fee for buying and selling Bitcoin through a Coinsource ATM, Muhney explained, but fees will be reduced for Kwik Trip Rewards members.
With the promo code Kwik20, customers will also get a 20% reduction in fees. First time users can also use the code, Kwik50 to get a one-time fee reduction of 50%, Muhney said
“This will bring the fee to a record-breaking 5.5%,” he said .
As of right now, Coinsource has installed over 230 ATMs in Kwik Trip stores in Iowa, Minnesota and Wisconsin.
“This partnership is a really big deal for the Coinsource brand,” said Muhney.
Bitcoin took a hit last week, falling to a low of $25,373 per coin, the lowest price since 2020, but it quickly recovered in the last few days to $30,000.
Ariel Perez is a business reporter for the Green Bay Press-Gazette. You can reach him at [email protected] or view his Twitter profile at @Ariel_Perez85