Fortune 500 listed financial firm NCR has announced on the 2nd that it has acquired Bitcoin ATM operator LibertyX. This move is a recent thrust by the company to enter the cryptocurrency market.
LibertyX is a software company that operates Bitcoin ATMs, Kiosks, and point-of-sale systems. NCR (National Cash Register) is a Fortune 500 company that offers business-related products such as ATMs, sale terminals, check processing systems, and scanners.
NCR announced the news on Monday in an official press release issued by the company. Details of the financial agreement were not revealed and the acquisition will be completed later this year.
Unraveling the benefits of the deal, Tim Vanderham, CTO of NCR Corporation said:
“Due to growing consumer demand, our customers require a complete digital currency solution, including the ability to buy and sell cryptocurrency, conduct cross-border remittance 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.”
On the other hand, LibertyX co-founder and CEO Chris Yim told The Block that LibertyX is the first Bitcoin ATM operating company acquired by any establishment.
In the press release, he remarked:
“NCR is an industry leader in banking, retail and hospitality, and has a tremendous customer base across our growth markets. 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.”
LibertyX has earlier partnered with independent ATM operators such as Cardtronics who own ATMs operating in convenience stores and supermarkets. Cardtronics was recently acquired by NCR in a $2.5 billion deal.
NCR also reported plans to collaborate with financial services firm NYDIG in July. The partnership aims to offer crypto trading services to about 24 million customers of 650 banks across the United States.