Users Can Now Purchase Ethereum, Dogecoin, Stellar Lumens, and Three Others Using Coinstar Kiosks

24 August 2022

in XLM

Reading Time: 3 mins read

Coinstar, an American company operating coin-cashing machines or kiosks, has extended its services beyond Bitcoin (BTC) to support Ethereum (ETH), Stellar Lumens (XLM), Dogecoin (DOGE), and three other cryptocurrencies.

Coinstar kiosks installed at several grocery stores in different countries can now be used to buy any of the supported digital assets with cash, as revealed in this announcement. Coinstar kiosk, created in 1991 by Jens Molbak, was originally designed to help people convert their coins to cash.

As times evolved and cryptocurrency surfaced, the company opened its arms and embraced this financial technology by supporting the first-ever digital currency. In 2019, the company enabled the ability to buy Bitcoin (BTC) using the Coinstar kiosk, via a partnership with Coinme, a cryptocurrency cash exchange.

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According to the Wednesday update, crypto assets that can be bought using Coinstar kiosks installed at various grocery stores now include Ethereum (ETH), Dogecoin (DOGE), Chainlink (LINK), Litecoin (LTC), Stellar Lumens (XLM), and Polygon (MATIC). This expansion comes following the high demand from users.

Jim Gaherity, Coinstar CEO said, “Customers have asked us to make other coins available besides Bitcoin on Coinme-enabled Coinstar kiosks. We want to make it easy for anyone, regardless of their familiarity with crypto, to get started with digital currencies with cash in their local grocery stores.”

Coinstar aims to make the purchase of digital currencies seamless. More so, Coinstar and Coinme claim that their digital machines (kiosks) are better than Bitcoin ATMs because they charge lower transaction fees. Also, users do not need to enter information for a separate crypto wallet when using the machine to make a purchase.

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How To Buy Crypto Using Coinstar Kiosks

To buy Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Stellar Lumens (XLM), or any other supported token using the Coinstar kiosk, users first have to select a special option on the machine and then input a phone number.

Thereafter, an interface to insert the amount of cash to be converted to crypto will pop up. Having filled that correctly, the machine will issue a voucher that carries a code to be redeemed via the Coinme App or website.

The next step is to verify one’s identity (KYC) by uploading a selfie and driver’s license or any other supported ID card. Doing that successfully allows users to create a Coinme wallet where the purchased crypto using the Coinstar kiosk is made available in the wallet. The crypto can then be spent or transferred to another wallet.