LibertyX, which operates bitcoin ATMs and kiosks in the United States, is being acquired by NCR Corporation, a Fortune 500 company.
NCR, an enterprise software company, announced the news on Monday, saying it had signed a definitive agreement to acquire LibertyX. The deal’s financial terms were not disclosed. The deal is expected to close later this year, subject to customary closing conditions such as regulatory approvals.
“This is the first acquisition of a bitcoin ATM operator by any company, public or private,” LibertyX co-founder and CEO Chris Yim told us.
LibertyX was founded in 2013 and currently operates over 10,000 ATMs in the United States. NCR, formerly National Cash Register, is a software company that manufactures business-related products such as ATMs, sales terminals, and scanners.
Tim Vanderham, NCR’s chief technology officer, stated that the LibertyX acquisition will enable the company’s customers to offer digital currency solutions, such as 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 help us deliver these capabilities to the market more quickly,” Vanderham said.
The LibertyX software is installed on ATMs, kiosks, and point-of-sale systems. The company collaborates with independent ATM operators such as Cardtronics, which own and manage ATMs in locations such as convenience stores, pharmacies, and supermarkets in the United States. Cardtronics was purchased by NCR earlier this year for $2.5 billion.
With the LibertyX acquisition, NCR stated that it will provide a digital currency solution to banks, retailers, and restaurants. In partnership with LibertyX, Virginia-based Blue Ridge Bank became the first bank in the country to allow customers to purchase bitcoin from its ATMs earlier this year. The service is now available at 19 of the bank’s ATMs throughout Virginia.
“We look forward to providing NCR’s customers with the ability to quickly and easily provide the digital payments and cryptocurrency capabilities consumers desire, while significantly expanding the scope, scale, and reach of our software,” said LibertyX’s Yim.