New York has 43 publicly accessible Bitcoin ATMs, the most of any city in the world, according to the website Coin ATM Radar. The currency is notoriously volatile, but for owners of Bitcoin dispensers, the machines bring a steady source of revenue. Zach Harvey, CEO of Lamassu, which has a machine at Le Village French Petite Bistro in the East Village, told currency news site CoinDesk the average owner sees about $20,000 in cash deposited monthly, netting about $1,100 in commissions.
Bitcoin ATMs are found as far as Corona, Queens, and Brownsville, Brooklyn. Chris Yim, co-founder of Bitcoin broker LibertyX, which sold its four Bitcoin machines last year to focus on retailer partnerships, told Crain’s a rapidly increasing number of New Yorkers are using the technology for “rebittances,” or Bitcoin remittances, as a cheaper alternative to traditional money-sending services such as Western Union.
A version of this article appears in the February 15, 2016, print issue of Crain’s New York Business.