Coin Cloud, a Las Vegas-based Crypto ATM company, will be installing their 2,000th digital currency machine at the start of their pilot program with the beloved Texas-based grocery chain, H-E-B.
According to a Houston Chronicle report, Coin Cloud’s digital currency machines or “DCMs” will be placed in 29 H-E-B stores in the Houston area. These machines allow shoppers to buy or sell cryptocurrency via cash or card.
Coin Cloud’s website outlines how to interact with the DCMs:
Download, create and set up your digital wallet.
Visit the physical location and login into the digital currency machine using your mobile phone number.
Use the digital currency machine to buy and sell Bitcoin, Ethereum, or any of the other 30+ digital currencies offered.
With payments moving online and businesses becoming cashless, more of our fellow Texans will be limited in their financial opportunities, given there is no federal mandate requiring entities to accept physical USD.
The beauty of these digital currency machines is that the only “barriers to entry” are a mobile phone and an ID. This is a game-changer for folks classified as unbanked or underbanked.
As cited in a report by the Texas Comptroller, unbanked and underbanked rates are disproportionately higher in minority communities. In 2019, 14.5 percent of Hispanic households, 11.4 percent of Black households, and 2.5 percent of White households were unbanked in Texas - a total of 10.4 million households. As companies look to invest in a future of equity and financial inclusion, services such as crypto ATMs and digital wallets will become essential. For many Texans, there is no better entity to promote and provide access to these services than their local H-E-B.
This pilot program between H-E-B and Coin Cloud is a profound development for the broader adoption of and access to digital assets in Texas. Though H-E-B has not yet released an official press release regarding the program, the move signals the progressive and innovative posture the grocery chain is taking.