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Paramount, Bitcoin Depot roll out 45 crypto ATMs in Chicago, Virginia

March 26, 2019

Paramount Management Group has announced the launch of its cryptocurrency initiative in partnership with Bitcoin Depot, and the initial rollout of 45 new locations in Chicago and Virginia.

"We have closely followed the cryptocurrency market and the opportunities that blockchain represent, and we patiently waited for a certain level of stability, and for the emergence of credible and reputable players before investing," Jorge Fernandez, chief development and marketing officer at Paramount, said in the release. "Bitcoin Depot was a very early adaptor of cryptocurrency vending and have proven themselves to be reputable and reliable partners."

Fernandez said that although the cryptocurrency ATM market bears some similarity to the traditional ATM business, it does have unique aspects. This made developing a partnership with a company experienced in the cryptocurrency market the best approach for Paramount, the release said.

With the Paramount cryptocurrency initiative, consumers can use the company's ATM-style kiosks to buy and sell four different cryptocurrencies: bitcoin; Litecoin; Ethereum; and Bitcoin Cash. 

Most of the ATMs are available 24/7; new users can set up and verify an account within less than a minute, the release said. Purchased cryptocurrencies are available in the buyer's mobile wallet instantly.

"We are very excited to partner with Paramount and look forward to mutually growing the opportunities available in the cryptocurrency market," Bitcoin Depot CEO Brandon Mintz said in the release. "Coming from the ATM business, Paramount brings a unique understanding of managing large retail deployments and a vast network of merchants. This, coupled with their willingness to invest and further grow this business, makes Paramount a perfect partner for us.