Blue Ridge bank, a Virginia based financial institution, is going to be enabling support for Bitcoin transactions on its platform soon. According to available information, 19 of the bank’s ATMs would support this feature and a fee of 8% would be charged on every transaction.
The bank has partnered with BluePoint ATM solutions, a national ATM operator, and LibertyX, a Boston-based bitcoin ATM software provider to make this new development possible.
While the numbers of Bitcoin ATMs have soared in recent times, especially with the outbreak of the pandemic which forced many into virtual and contactless payment options. Blue Ridge would, however, be joining a very exclusive list of conventional financial institutions who have shown interest in serving the crypto community.
Brian Plum, the bank’s CEO, noted that the bank was adopting this new service feature so as to be able to serve “the next generation of customers.” He also went on to add that the bank is “open and pursuing what makes the most sense for us based on economics and the regulatory environment.” However, the bank does not have a a core crypto banking team yet.
And to combat the possibility of using these ATMs for illegal activities like money laundering, the chief operating officer of BluePoint, Justin Pence, stated that the machines would have a cap of $5000 for each customer, plus they would be making their purchase with a “bank-issued debit card.”