Traditional financial services providers are pivoting to cryptos. ATM and PoS giant NCR wants a quick entry into the space.

Earlier this week, NCR (NYSE: NCR), the software and device provider for payments with a market capitalization of $5.26 billion, announced its acquisition of Libertyx, America’s first and largest U.S. network of bitcoin ATMs, cashiers and kiosks with thousands of locations across 44 states nationwide. (Bitcoin.com)

The terms of the acquisition were not disclosed.

However, NCR said that its digital wallet and mobile applications will provide Libertyx capabilities across NCR’s physical and digital touchpoints. Libertyx’s technology would also be incorporated into NCR’s solutions for banks, retailers and restaurants.

“Due to growing consumer demand, our customers require a complete digital currency solution, including the ability to buy and sell cryptocurrency, conduct cross-border remittance and accept digital currency payments across digital and physical channels,” said Tim Vanderham, Chief Technology Officer, NCR Corporation, in a statement. “The LibertyX solution will accelerate our ability to rapidly deliver these capabilities to the market.”

Crypto adoption

The deal is hugely positive for cryptos, showing that large enterprises such as NCR are convinced enough of their future adoption by the man on the street.

PayPal (NASDAQ: PYPL) already allows its users to pay with cryptocurrencies.

Visa (NYSE: V) supports cards issued by organizations such as BlockFi and Salt Lending for paying with cryptos.

“We’re partnering with 50 of the leading crypto platforms on card programs that make it easy to convert and spend digital currency at 70 million merchants worldwide,” Visa said last month. “With more than $1 billion spent on crypto-linked Visa cards in the first half of 2021, it’s clear that the crypto community sees value in linking digital currencies to Visa’s global network.”

“NCR is an industry leader in banking, retail and hospitality, and has a tremendous customer base across our growth markets,” said Chris Yim, co-founder & CEO, LibertyX, on the company’s acquisition by NCR. “We look forward to offering NCR’s customers the ability to quickly and easily offer the digital payments and cryptocurrency capabilities consumers want, while significantly expanding the scope, scale and reach of our software.”

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Image credit: Libertyx