Arizona blockchain law spawns cryptocurrency ATMs, market growth

Newswire: Aug. 19, 2017.

Dateline: Tucson, Ariz.

Cryptocurrency ATMs are popping up across Arizona thanks to the state’s recent adoption of a law recognizing blockchain signatures as legally valid in contracts.

The Arizona Daily Star of Tucson, Ariz. reports that five new bitcoin ATMs have opened in the Phoenix area, offering bitcoin credit in return for a deposit. Coinsource, the company that opened them, pointed to the legislation as the biggest incentive to move into Arizona’s market.

The chief executive of Scottsdale-based Dash Core Group, which manages the Dash cryptocurrency, said the legislation has helped take cryptocurrency from the realm of “crypto-nerds and mathematicians and computer-science-geeks,” and is helping to mainstream it.

“I think when you prioritize and educate merchants and consumers on the benefits, I think we’ll start to see more and more adoption happening,” said Ryan Taylor, the Dash CEO.

Coinsource’s cofounder said that Arizona is “through the roof,” with regard to opportunity and incentive in the blockchain/cryptocurrency space. “There’s a lot of companies in the tech world, and in particular cryptocurrency, that are going into Arizona,” he told the Star.

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