RockItCoin, one of the nation's largest bitcoin kiosk operators, has extended a helping hand to Texas with a donation of $10000 to food banks.
Michael Dalesandro, the CEO of RockItCoin, wants to help a community in need.
"As a member of the Texas business community, RockItCoin wants to give back and help those in need during these difficult times. Given the magnitude of what Texas is facing, it is critical we all pitch in however we can."
Texas’ cold weather catastrophe has caused food, water, and energy crisis, the likes of which the state has never faced before. It saw some of the coldest temperatures recorded in more than 30 years and some areas have recorded temperatures not seen for over a century.
What Is RockItCoin?
RockItCoin is a crypto blockchain company based in Chicago, IL, founded in 2015. It has a nationwide network of crypto ATMs with 153 locations in Texas that claim to provide consumers with a safe, efficient, and fast way to obtain or sell bitcoins. Cryptocurrency has been seeing a value spike from last year reaching a record high last week. This has helped the number of crypto ATMs increase from 6372 machines at the end of 2019 to a whopping 11,665 ATMs worldwide this year.
Spiking Increase in Crypto ATMs. Is Money Laundering A Concern?
The United States is the country at the forefront with the fastest spread of crypto ATMs.
Ben Phillips, President and COO of RockItCoin, said the company increased the number of crypto ATMs it installed across the US by 400 pieces last year, a response to increased demand. The company now has 900 machines across 39 states.
CoinATMRadar also shows that the number of crypto ATMs is constantly increasing by an average of 23 machines every day or nearly one new ATM per hour. As the number of Crypto ATMs soar, the chances of side-stepping anti-money laundering controls too increase and are currently the target of major regulations. Regarding this spike in ATM numbers and its connection to money laundering, Phillips noted:
“It just appears that more people are using Bitcoin for the first time and obviously more people are continuing to come back and use the machines….We do add that element of privacy where users can feel secure, like they’re dealing just with us. They’re not putting any bank information in, they’re not putting any credit card information in.”
Some of the measures in place to discourage money laundering are verified KYC checks on apps before using kiosks and ATMs requiring wallet addresses and verified purchase location before bitcoin is purchased. While the situation is definitely improving, it will take time and effort to ensure these compliances are applied and followed globally.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.