Paramount Rolls Out Cryptocurrency ATMs In Chicago And Virginia

Posted On: 3/25/2019

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LANCASTER, PA — Paramount Management Group reports that it has launched a cryptocurrency initiative in partnership with Bitcoin Depot. In the first phase, the company has equipped 45 new locations in Chicago, IL, and Virginia.

Although cryptocurrency still is confusing to many people, Paramount said, the ease of buying and selling "crypto" through automated teller machines has become popular with enthusiasts. The company cited an article in Crytpoonline News that identified ATMs as the primary alternative to cryptocurrency exchanges.

"Paramount believes that, as a market leader, we must always stay in tune with changes in the market," said Paramount chief development and marketing officer Jorge Fernandez. This requires understanding trends in consumer behavior and making investments in new technologies and emerging markets.

"Offering cryptocurrency through the self-service channel was the next logical step in our strategy of providing leading customer engagement solutions," he continued. "We have closely followed the cryptocurrency market and the opportunities that blockchain solutions represent for some time, and we patiently waited for a certain level of stability, and for the emergence of credible and reputable players before investing."

Bitcoin Depot was a very early adopter of cryptocurrency vending, Fernandez added, and has proven itself a reputable and reliable partner.

The cryptocurrency market is similar in many ways to the traditional ATM business, but it does have some unique characteristics. "We believed that forming a partnership with a credible organization with ample experience in the cryptocurrency market would represent the best approach for us," Fernandez explained.

With the Paramount Cryptocurrency Initiative, consumers visiting the new ATM-like kiosks are able to buy and sell four different types of cryptocurrencies: Bitcoin, Litecoin, Ethereum and Bitcoin Cash. Benefits to consumers include convenience, with most ATMs available 24/7/ Accounts can be created and verified in less than a minute, unlike other options, and the cryptocurrencies are available on the consumer's mobile wallet instantly.

"We are very excited to partner with Paramount and look forward to mutually growing the opportunities available in the cryptocurrency market," said Brandon Mintz, Bitcoin Depot's chief executive officer.. "Coming from the ATM business, Paramount brings a unique understanding of managing large retail deployments and a vast network of merchants." This experience, along with Paramount's willingness to invest and further grow this business makes Paramount a perfect partner, Mintz observed. Both companies believe in the potential of the cryptocurrency industry and are in the process of evaluating additional markets for further expansion.

Paramount is a national leader in implementing customer-engaging solutions using technology that enables consumers, retailers and financial institutions to interact, Paramount's services include the placement and operation of ATMs, digital media solutions and meeting consumer needs by providing bill pay, money remittance and gift card dispensing, among other services, at the ATM. Its Sharenet division specializes in ATM outsourcing solutions for financial institutions.

Bitcoin Depot is described as the fastest growing multi-cryptocurrency ATM network, offering users the ability to buy and sell Bitcoin, Litecoin, Ethereum and Bitcoin Cash instantly at hundreds of locations. Its mission is to provide the most secure, convenient and speedy cryptocurrency transaction, with the goal of encouraging widespread use of the new cryptocurrencies..