BankLine Rolls Out National Cash Vaulting Services for Bitcoin ATMs
BankLine announces aggressive expansion of vaulting services across the USA in support of BTM operators.
As bitcoin ATMs (BTMs) pop up across the United States, BankLine is meeting demand with cash vaults in the major markets. National vaulting services enable BTM companies to reduce the number of banking relationships while reducing cash cycle times and allow for more efficient deposit tracking by location.
The Rise of bitcoin ATMs
Since the end of 2016, the number of BTMs has more than tripled from roughly 900 to over 2,700. North America holds over 75% of the market with upwards of 2,000 BTMs in operation. Of these BTMs, roughly 33% offer two-way functionality while the remaining 67% of BTMs are one-way machines
Bitcoin and altcoin buying are becoming more accessible and convenient than ever. With many exchanges requiring weeks and sometimes months to qualify a new customer, a typical BTM verification process only requires on average 15 minutes. Crypto Exchanges can take up to 7 days to deliver your coins and with recent crypto price fluctuations, a lot can happen in 7 days. Buying cryptocurrency with cash at a BTM by comparison takes roughly an hour from start to finish.
As mainstream accessibility to cryptocurrencies becomes more prevalent, BTM operators continue to rapidly expand to meet the demand by providing a simple and convenient solution for what can ordinarily be a very complicated and time consuming process.
BankLine is supporting these BTM operators by offering full service banking combined with “first-line” maintenance and cash vault services beginning in the markets below.
- Los Angeles
- Las Vegas
- San Francisco
- New Orleans
Phase II roll-out are expected to include the following Vault locations.
- Jersey City
BankLine will continue to add cash vaulting locations and partner banks in order to scale and support our BTM customers in the markets where service is required.
As BTM operators work to scale their operations to meet demand, cash logistics is becoming increasingly more complicated. It is difficult, if not impossible, for BTM operators to secure a reliable banking solution for their growing businesses. As regulators wrestle with cryptocurrency, uncertainty is driving banks to derisk by shutting down all bitcoin-related bank accounts.
Cash vaults are most often accessed through a BTM operator’s financial institution. A network of cash vaults and armored cash logistics are necessary to rotate cash between the BTM and the operating bank account. Without the ability to deposit cash into a bank, a BTM operator has difficulty functioning efficiently.
BTM companies with local banking are usually restricted to the service footprint of their financial institution. As the race to capture a greater share of the BTM market heats up, a nationwide cash logistics partner is essential to the success of an expanding BTM business
BankLine’s National Sales Manager, Steve Bessen, remarks, “professional Cash Logistics are essential for a professionally managed BTM business. By reducing cash cycle times and allowing for more efficient deposit tracking by location, a BTM Operator can maximize profit while reducing liability. Cash logistics also will allow a BTM company and compete for business on a national level.”
How BankLine Serves BTM Operators
BankLine serves their BTM clients by providing access to full service banking solutions. Each BankLine customer has a “direct” relationship with the depository institution. The accounts are titled in the business entities name, held under the entity’s E.I.N, and exclusively for the entity’s activity, at a FDIC insured depository institution. BankLine is not involved in the cash settlement process.
The climate of derisking shows no signs of improving. This puts BTM operators in a precarious position where they are balancing their drive for expansion with the absence of a reliable bank account.
BankLine was founded to solve this problem for BTM operators. BankLine maintains multiple Crypto-friendly banking relationships, providing BankLine customers redundancies in banking solutions, thereby reducing the threat of bank discontinuance.
As more consumers continue embrace Bitcoin, BankLine is empowering BTM operators to expand their businesses, providing full service, reliable banking services and support across the United States
Reach out to BankLine directly to see how your BTM business can benefit from reliable banking and cash logistics services.