On January 13, NCR Corporation, one of the world’s largest manufacturers of automated teller machines (ATMs), announced a complete acquisition of LibertyX, a cryptocurrency software provider and ATM network company. However, both parties have not disclosed the financial terms of the transaction. In August last year, NCR announced plans to acquire LibertyX.
NCR identifies LibertyX as a strong strategic fit for its business operations. NRC stated that the acquisition would enable it to provide complete digital currency solutions to its clients, including the ability to purchase and sell cryptocurrency, conduct cross remittance and accept digital currency payments across physical and digital channels. The LibertyX digital currency solution runs on point of sale (POS) systems, kiosks and ATMs. LibertyX partners with ATM operators such as NCR’s Cardtronics, which manages and owns ATMs and the Allppoint network in the US at locations like supermarkets, pharmacies and convenience stores. Moving forward, NRC will integrate LibertyX capabilities and make them available as part of its solutions to restaurants, retailers and banks through its digital wallet and mobile applications.
Don Layden, the Executive Vice President at NCR Corporation, mentioned: “The completion of this transaction enhances our ability to provide digital currency solutions and capabilities that help run our customers’ businesses. We are pleased to welcome LibertyX and its outstanding team to NCR.”
Cryptos Are Coming to Everyone’s Checking Accounts
The latest effort by NRC Corporation occurs as the enterprise technology provider is a strong believer in the benefits of cryptocurrency and its strategic applications. In June last year, NCR partnered with the digital asset management firm, NYDIG to enable 650 US banks to provide Bitcoin trading services to about 24 million customers. The partnership is set to enable community banks and credit unions in the US to provide their customers with crypto trading services through mobile applications inbuilt by the payment provider (NRC).
Instead of having to deal with cumbersome regulatory requirements related to holding crypto assets for their clients, such financial institutions can opt to make crypto services available by simply relying on NYDIG’s custody services. By providing customers with a way of purchasing and spending Bitcoin within their existing accounts, the move puts US banks and credit unions in direct competition with cryptocurrency exchanges.
Last month, Visa Corporation launched a crypto advisory service that aims to help banks and credit unions further their crypto strategies. AJ Shanley, the Vice President of Crypto at Visa, commented: "A lot of banks are telling us they are watching deposits leave their institutions and going to crypto exchanges, and they're asking if there is a potential role for banks to play." The move by Visa comes at a time when PayPal, Block Inc (formerly Square), and other fintech firms aggressively use crypto coins to court new customers as rival Mastercard recently launched its own cryptocurrency-related services.
