LibertyX
LibertyX operates the largest cash-to-bitcoin onramp network in the US. The company is headquartered in Boston, Massachusetts and was founded by Chris Yim and Kyle Powers.[1] The company platform uses cashiers as “virtual” automatic teller machines and has 19,000+ local stores nationwide where customers can go and use cash to instantly purchase digital currencies.
Contents
Main information
- Country: United States
- Headquarter: Boston
- Type: Financial Services
- Round: Seed
- Cost: $0.4 million
- Date: 7-Jan-2015
- Investors: Project 11
Description
Liberty Teller was founded in 2014 and was part of the 2014 MassChallenge accelerator program. The company’s founders met while pursuing their MBA degrees at the Wharton School at the University of Pennsylvania before taking a leave of absence.
In February 2014 the company launched America’s first bitcoin ATMs[2] in Boston’s South Station, one of the nation’s busiest train stations. The company soon expanded and added additional ATM locations including MIT and Harvard Square.
In December 2014, the company announced its retail store expansion allowing consumers to purchase bitcoin in-person at over 2,500 stores nationwide. In March 2015, the company sold its bitcoin ATMs to CoinOutlet and rebranded as LibertyX to focus on its cashier-as-ATM store-based model. Throughout 2015, the company formed additional partnerships with retail store networks increasing their domestic footprint to over 13,000 local stores.[3]LibertyX operates 16 Bitcoin Kiosks In the Miami area.
Products and partnerships
LibertyX is not a wallet so users have to provide and user their own bitcoin wallet. The company is partnered with bitcoin exchange and financial service providers such as Uphold to provide a suite of services for the cash-preferred customer. The company has a cash API for partners to build and develop applications to access the cash-preferred customer. LibertyX has raised seed funding from Project 11.[4]
Security
LibertyX uses SSL encryption on its website and for all customer communications. Customer information is stored on encrypted hard disks. Currently, LibertyX transactions are handled exclusively in cash, eliminating any potential vulnerability related to connecting your bank account.
LibertyX does require some ID verification details in order to create an account, possibly including a driver’s license scan for some customers. LibertyX allows customers to receive bitcoin in a wallet of their choice, placing much of the security responsibility on users. Choosing a secure bitcoin wallet to store your funds is highly recommended.
Advantages
- Buy bitcoin with cash at participating locations.
- Fast transaction completion.
- Customer information collected by LibertyX is encrypted.
- Store bitcoin in a wallet of your choice.
- You don’t need to sync a bank account to use LibertyX.
- Convenient Store Locator map is built in to the app, allowing you to search your area.
- Trailblazer program rewards customers with $5 in bitcoin for being the first to use new LibertyX stores.
- Makes it easy for stores to join the network and start offering bitcoin services.
Disadvantages
- LibertyX stores may not be conveniently available in all areas.
- Some personal information is required to create a LibertyX account.
- In order to increase your daily maximum purchase to the bitcoin equivalent of $1,000, you need to provide additional personal information to LibertyX.
- LibertyX stores may charge convenience fees on transactions.
- Some LibertyX stores only process transactions in specified amounts, such as $5, $10, $20.
- Potential for security vulnerabilities may vary on a store-to-store basis.
- Some staff at physical locations may be unfamiliar with bitcoin or the LibertyX interface.
External links
- LiberyX Official website
- @libertyx on Twitter
- iOS App on Apple Store
- Android App on Google Play