San Diego Business Journal

Bitcoin ATM Company Installs 3 More Machines in S.D. County

By Sarah de Crescenzo Tuesday, April 18, 2017
   

Texas-based bitcoin ATM company Coinsource is finding success in San Diego County, according to CEO Sheffield Clark.

The company recently installed three new machines in San Diego, which was one of the company’s first markets when it began installing cryptocurrency ATMs in U.S. cities.

The addition was part of a bulk installation in California, the company said: it added 14 kiosks statewide in March.

Of the 14 new machines, Coinsource put six in Northern California and eight in Southern California.

Coinsource installed its first bitcoin ATM in San Diego in 2015. Demand for the machines led the company to add five more, including the three it added earlier this year, bringing the region’s total to six, the company said.

Other companies with bitcoin ATMs in San Diego include CoinCloud and Digital Mint, each of which operate one machine in San Diego, according to their websites.

Coinsource's new machines are in Chula Vista, North Park and San Marcos.

Previously, Coinsource had installed machines in National City, Oceanside and Kearny Mesa.

The company said the buying and selling activity at its San Diego County machines typically exceeds $10,000 monthly.

Users pay Coinsource a transaction fee to buy or sell bitcoin using its machines.

In total, the company has 32 machines in California, more than any other bitcoin ATM company, Coinsource said. Coinsource said it has 30 percent of the bitcoin ATM market in the state. Those 32 machines comprise one-third of the total number of machines Coinsource has installed nationwide, the company said.