Vape N Tobacco, a vape shop in Naperville, Illinois, now has a CoinFlip ATM that allows customers to convert their U.S. dollars (USD) into cryptocurrency.
According to the shop’s manager, Jay Gadhiya, around 50 customers or so stop by the shop each week to convert their dollars into bitcoins (BTC).
The company that manufactures Vape N Tobacco’s cryptocurrency ATM is CoinFlip, a Skokie-based company that has been in business for the last three years. While theirs is not the only cryptocurrency ATM on the market, the company’s chief compliance officer, Larry Mascolino, said that the company’s founders saw a need for a convenient way for folks to invest in cryptocurrency and thus the CoinFlip ATM was born, the Chicago Tribune reported.
CoinFlip ATMs don’t just exchange dollars for bitcoins, they also allow users to purchase other cryptocurrencies, which are limited to ethereum and litecoin at this time.
As for why Naperville’s Vape N Tobacco shop decided to introduce their customers to cryptocurrency via the addition of a CoinFlip ATM in their shop, store manager Gadhiya said that he “wanted to get ahead of the crowd” and so he jumped on the opportunity when CoinFlip approached him, but only after doing some research into the market.
“This is the next movement (…) I wanted to get ahead of the crowd. I saw it coming.”
And Gadhiya, who launched Vape N Tobacco in 2011, isn’t just content providing customers with a means to invest in cryptocurrencies as he now wants to provide his customers with a means by which to pay for products at his shop with cryptocurrency.
While CoinFlip now has machines across the United States, the majority are located in Illinois. Of the 36 machines the company reportedly has up and running, 25 are currently located in the state of Illinois. Only 1 of these machines provides users with a means by which to cash their bitcoins out for U.S. dollars, the rest simply provide a means by which users can buy cryptocurrency, not cash it out for dollars.
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