LibertyX, which operates bitcoin ATMs and kiosks in the U.S., is getting acquired by the Fortune 500 company NCR Corporation.
Announcing the news on Monday, NCR, an enterprise software company, said it has signed a definitive agreement to acquire LibertyX. The financial terms of the deal were not disclosed. The transaction is expected to close later this year, subject to customary closing conditions, including regulatory approvals.
"This is the first acquisition by any company, public or private, of a bitcoin ATM operator," LibertyX co-founder and CEO Chris Yim told The Block.
LibertyX was founded in 2013 and operates over 10,000 ATMs in the U.S. NCR, formerly known as National Cash Register, is a software company that makes business-related products such as ATMs, sale terminals, and scanners.
NCR's chief technology officer Tim Vanderham said the LibertyX acquisition will help the company's customers offer digital currency solutions, including the ability to buy and sell cryptocurrency, conduct cross-border remittances and accept digital currency payments across digital and physical channels.
"The LibertyX solution will accelerate our ability to rapidly deliver these capabilities to the market," said Vanderham.
LibertyX's software runs on ATMs, kiosks, and point-of-sale systems. The firm partners with independent ATM operators, like Cardtronics, who own and manage ATMs in the U.S. at locations like convenience stores, pharmacies, and supermarkets. NCR acquired Cardtronics earlier this year for $2.5 billion.
With the LibertyX deal, NCR said it will offer the digital currency solution for banks, retailers, and restaurants. Earlier this year, Virginia-based Blue Ridge Bank became the first bank in the U.S. to allow customers to purchase bitcoin from its ATMs in partnership with LibertyX. The bank added the service to 19 of its ATM locations across Virginia at the time.
“We look forward to offering NCR’s customers the ability to quickly and easily offer the digital payments and cryptocurrency capabilities consumers want, while significantly expanding the scope, scale, and reach of our software," said LibertyX's Yim.
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