“LibertyX is a strong strategic fit for NCR because it accelerates NCR’s ability to rapidly deliver a complete digital currency solution to its customers, including the ability to buy and sell cryptocurrency, conduct cross-border remittance, and accept digital currency payments across digital and physical channels,” NCR said in a news release.
Read more: NCR To Buy Crypto ATM Network
LibertyX’s digital currency solution runs on ATMs, kiosks and point-of-sale systems. Following the acquisition, NCR will use its Pay360 platform to offer this same solution to banks, retailers and restaurants. Pay360 gives financial institutions a secure way to offer cash-in/cash-out transactions from mobile banking apps, websites and customer service centers.
The Georgia-based NCR announced it had signed a definitive agreement to acquire LibertyX in August of last year.
“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,” NCR Chief Technology Officer Tim Vanderham said at the time. “The LibertyX solution will accelerate our ability to rapidly deliver these capabilities to the market.”
As PYMNTS reported in August, the deal gives NCR — through the LibertyX app — access to a fleet of 20,000 retail stores and 9,500 bitcoin dispensing locations. LibertyX says users can purchase up to $3,000 a day in bitcoin using their debit cards at ATMs, $500 a day from retail locations and $3,000 at cash kiosks.
Last year also saw NCR purchase the non-bank ATM operator Cardtronics for $2.5 billion in an all-cash deal.
“This transaction accelerates the NCR-as-a-Service strategy we laid out at Investor Day in December, further shifts NCR’s revenue mix to software, services and recurring revenue, and adds value for our customers,” NCR president and CEO Michael D. Hayford said then.
He added that the deal has its roots in NCR’s longtime relationship with Cardtronics, whose no-surcharge Allpoint network is “highly complementary to NCR’s payments platform.”