Once upon a time (2014), it seemed digital currencies were only used for a down payment on getting someone whacked. Nowadays, everyone and their grandma have taken an interest in cryptocurrencies especially after the explosion of Bitcoin. There’s only one problem with all this digital money, how do you turn it into good old US dollars. Que, BelcoBTM, a New Jersey based company that creates hubs for buying and selling cryptocurrency throughout New Jersey. We sat down with the CEO, Elena Belyayeva, to get the scoop on these BTMs.
Tell us a bit about BelcoBTM?
BelcoBTM is a leading provider of cryptocurrency ATM services with the mission of creating crypto hubs that allow purchasing Bitcoins, Altcoins (ETH, LTC, BCH, XRP, BNB and more) with a new level of convenience. BelcoBTM is the missing link between the crypto market and everyday consumers.
How many locations do you have?
Twelve, including Hoboken, Jersey City, Clifton, Newark and others in New Jersey.
What markets/locations are you looking to move into next?
The company has been successfully providing cryptocurrency vending services to customers in the United States since 2017 and have launched locations throughout New Jersey while continuing to grow and expand domestically and internationally.
New York is up next (already applied to Bitlicense in NY), expand to the rest of USA, Latin America, Canada, and the Middle East.
Tell our readers how your company is doing financially?
We had 1.7 million in gross revenue in 2018.
What areas seem to be more open to the concept of BTM’s?
Any, we usually install in high foot traffic areas.
How much do you expect this market to grow in the next few years?
There is definitely a huge opportunity for growth in this market. I believe that as cryptocurrency adoption continues, especially as a method of payment, Crypto ATMs will be everywhere just like a regular ATM now. As per CoinATMradar, there are around 3000 ATMs in the U.S. right now, so there is space to grow. We created a special partner’s program for people all over U.S. to make this number bigger.
When did you become interested in cryptocurrency?
I became interested in cryptocurrency in 2015, I was trading on OkCoin and LocalBitcoins. I purchased my first Bitcoin when it was about $500, no one still knew what Bitcoin was back then.
How do the machines work?
You can buy and sell cryptocurrency in three easy steps:
- Verify your identity by entering the mobile phone number or register with your ID for higher limits
- Scan your Bitcoin wallet QR-code or create one
- Insert cash and get bitcoins deposited into your wallet
- Choose ‘Sell’ option, enter the amount you would like to sell and wait for the receipt to get printed
- Scan the QR-code on the receipt with your mobile wallet
- Press ‘Redeem’, scan the receipt in the ATM and wait for your cash
Does the establishment receive a small percentage of exchange, similar to an ATM?
Yes, 7-10% for buying BTC, 2.5% for selling (the cheapest for selling right now), 10-15% for Altcoins.
What types of cryptocurrencies do you accept?
We accept Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Binance coin BNB and XRP (the only one in the world to have XRP in the ATMs)
Any advice for people who are still hesitant to get into cryptocurrency?
Don’t be hesitant, cryptocurrency and blockchain in general are the future. Great market opportunity right now to invest in Bitcoin and few major Altcoins. Holding is the best strategy until Bitcoin doubles and triples in price, and with the global adoption happening in cryptocurrency (just two days Wholefoods announced that they started to accept Bitcoins), I have no doubt, you will get great return on investment.
Our mission is to install ATMs in every corner everywhere and make cryptocurrency accessible to regular people who do not have the skills or the means to purchase cryptocurrency from exchanges. We are also working on developing a mobile app that will allow initiating the transaction from the convenience of your home.
Want to learn more about getting a BTM in your business? Check out BelcoBTM.