NCR Atleos Launches LibertyX Feature to Convert Bitcoin to Cash at US ATMs

A new ATM feature aims to simplify the process of converting Bitcoin to cash, addressing one of the key barriers to broader crypto adoption.

NCR Atleos has introduced a new feature to its ATMs across the United States, enabling users to convert Bitcoin (BTC) into cash quickly and conveniently. The new service, known as the LibertyX Bitcoin Cashout feature, allows customers to receive U.S. dollars in exchange for their Bitcoin at selected ATMs. This feature is initially being rolled out in over 30 states and is part of a broader effort to make cryptocurrency more accessible to everyday consumers.

The process is designed to be user-friendly. Customers must first use the LibertyX app to select the ATM where they wish to withdraw cash. They then send the Bitcoin they wish to convert to an address provided by the app. Once the transaction is pre-staged, the user receives an access code, which they can enter at the chosen ATM to withdraw their cash.

This development is seen as a significant step in addressing one of the lingering challenges in Bitcoin adoption—the ability to easily and quickly convert digital assets into physical currency. Chris Yim, general manager of LibertyX, emphasized that this new feature could help overcome some of the barriers that have slowed broader Bitcoin adoption. He noted that traditional methods, such as ACH transfers or wire transfers, often involve delays and complexities that deter consumers.

Despite this promising innovation, the service has certain limitations. For example, there is a $400 cap on cash withdrawals per transaction using the Bitcoin sale access code. However, users can make multiple transactions if they need to convert more significant amounts of Bitcoin into cash.

LibertyX, which holds a New York BitLicense, has already enabled Bitcoin purchases at more than 30,000 ATMs across the United States. This new cash-out feature builds on LibertyX's longstanding ambition to create a seamless digital-to-physical bridge for cryptocurrency users.

The introduction of this feature comes at a time when the market for Bitcoin ATMs is experiencing challenges. Although Bitcoin ATMs can be profitable for the merchants hosting them, regulatory barriers and market conditions have led to a slowdown in new installations. In July, the BTC ATM installation rate turned negative, with more machines going offline than coming online, reversing a previous 10-month trend.

NCR Atleos, which took over the ATM trade from NCR following the company's split into two units in 2022, is positioning this new feature as a key part of its strategy to modernize its ATM offerings and stay competitive in a rapidly evolving financial landscape.

photo source / Blockonome