CoinMover operates Bitcoin ATM kiosks that allow users to convert cash into Bitcoin instantly using a smartphone wallet app, with purchase limits ranging from $2,995 to $50,000 per day. This service addresses the challenges faced by unbanked and underbanked individuals who lack access to traditional banking systems and lengthy identity verification processes.
Funding
$1.4M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many individuals, particularly those who are unbanked or underbanked, face challenges in accessing traditional financial services for purchasing Bitcoin, including lengthy identity verification processes and a lack of access to banking systems. Existing cryptocurrency exchanges can also be slow, require extensive personal information, and may impose holding periods on funds.
Solution
CoinMover provides Bitcoin ATM kiosks that enable users to instantly convert cash into Bitcoin using a smartphone wallet. The kiosks offer a solution for individuals seeking immediate access to cryptocurrency without the need for traditional banking relationships or lengthy exchange processes. Users can purchase Bitcoin in seconds, with options for increasing purchase limits by scanning identification at the kiosk or applying online for higher daily limits. CoinMover aims to provide a safe, secure, and accessible way for individuals to acquire Bitcoin with cash.
Target Audience
The primary target audience includes unbanked and underbanked individuals, "cash-preferred" consumers, and those seeking a fast and private way to purchase Bitcoin without lengthy exchange verification processes.
Features
- Instant cash-to-Bitcoin conversion via ATM kiosks
- Compatibility with any smartphone wallet application
- Tiered purchase limits: up to $2,995 for first-time users, $9,000 with ID scan, and $50,000 with online approval
- U.S.-based customer support via email, webchat, and SMS
- Registration with the U.S. Department of Treasury FinCEN
- Partnerships with retail locations for convenient access
- Rate discounts and promotions available through social media channels and mailing list