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GREEN BAY – Amid last week’s crypto crash, which saw Bitcoin wipe out over $300 billion in 24 hours, a partnership was announced between Kwik Trip and Coinsource, a Bitcoin ATM provider.
The Texas-based Coinsource will add a kiosk in almost every Kwik Trip store in Wisconsin.
Derek Muhney, executive vice president at Coinsource said it is the “largest partnership announcement in the history of Bitcoin ATMs.”
For Kwik Trip, it was a matter of making a deal with a company that had a proven track record, said John McHugh, director of communications at Kwik Trip.
“There’s a lot of newcomers … so we wanted to go with a company that really had a good reputation,” said McHugh.
Coinsource has a presence in 46 states, with over 2,500 ATMs installed so far.
There is an 11% fee for buying and selling in the ATM, Muhney explained, but Kwik Trip Rewards members could see up to a 50% reduction in that fee.
With the promo code Kwik20, customers will also see a 20% reduction in fees.
“Additionally, to incentivize first-time transactions, Coinsource is offering a promo code (Kwik50) that provides all users a one-time 50% off fees. This will bring the fee to a record-breaking 5.5%,” said Muhney.
More: This Green Bay fintech company wants to bring crypto technology to your community bank
Installations of these ATMs started in March, with some already functioning at stores in Green Bay, Ashwaubenon and De Pere.
Muhney said there are 94 machines in total operating in Wisconsin, but by the end of July that number will increase to 500.
As of right now, over 230 ATMs have already been installed in all three states Kwik Trip locations are in: Iowa, Minnesota and Wisconsin.
“This partnership is a really big deal for the Coinsource brand,” said Muhney.
Bitcoin took a hit last week, falling to a low of $25,373 per coin, the lowest price since 2020, but it quickly recovered in the last few days to $30,000.
Ariel Perez is a business reporter for the Green Bay Press-Gazette. You can reach him at [email protected] or view his Twitter profile at @Ariel_Perez85