NCR Makes Crypto Push With Key Bitcoin ATM Deal
Bitcoin ATMs are all the rage. Just ask NCR Corp, which just revealed its plans to acquire bitcoin ATM software provider LibertyX. While the companies held the financial terms of the deal close to the vest, they did say that the combination was expected to be completed by year-end. NCR said it made the acquisition in response to customer demand for the following:
- Transacting in cryptocurrencies
- Cross-border payments
- Supporting crypto payments
We are thrilled to share that we have announced a definitive agreement to acquire @libertyx – that will accelerate our ability to offer the #digital payments and #cryptocurrency capabilities consumers want at banks, retailers and restaurants: https://t.co/x7Er0sW38n pic.twitter.com/bZma7NcqWl
— NCR Corporation (@NCRCorporation) August 2, 2021
LibertyX describes itself as a “network of bitcoin ATMs, cashiers and kiosks.” Its technology is used at 20,000 retailers and close to 10,000 ATMs. With the muscle of the NCR brand, LibertyX’s crypto solution will now be available at financial institutions, brick-and-mortar retail locations and restaurants.
In turn, consumers will have the ability to make crypto payments at more merchants. NCR’s payment infrastructure can be found at major retailers, including the likes of big-box retailer Walmart, though NCR did not say which companies would take advantage of the crypto features.
Typically when a merger is announced, the stock of the company doing the buying comes under pressure. That is what is happening to shares of Square today after its announced deal to buy Afterpay. In the case of NCR and LibertyX, however, the buyer’s shares are actually up by 1.5% in the trading session, which could be a sign of investors approving its expansion into the cryptocurrency arena.
In the cryptocurrency market, bitcoin’s price is under pressure, falling more than 3% in the last 24-hour period. The bitcoin price has dipped below the USD 40K level once again despite having spent the weekend above that psychologically important threshold.
The response on social media has been decidedly positive, including from NCR’s chief technology officer Tim Vanderham, who said he is “proud” to be “leading the team” that will bring “crypto and digital asset capabilities” to the masses.
Proud to be leading the team @NCRCorporation as we join forces with @libertyx to bring crypto and digital asset capabilities to our clients! Exciting times! #cryptocurrency #retailtechnology #bankingtechnology #innovation https://t.co/gdduRy3jza
— Tim Vanderham (@vanderham) August 2, 2021
NCR is no stranger to crypto. In June, NCR and NYDIG partnered in a deal that delivered bitcoin solutions to banks and credit unions, giving users the ability to trade crypto via mobile apps.
Despite the short-term pressure on the bitcoin price, the deal between NCR and LibertyX bodes well for the future of cryptocurrency adoption. Considering that NCR is a Fortune 500 company, the combination has the potential to thrust bitcoin more into the mainstream.