GoldATM installs 11 ATMs in Nevada

GoldATM, a provider of ATMs that dispense 24-karat gold bills called Goldbacks, has deployed 11 additional machines in Nevada, following its official launch in February.

Since the company's launch, it has dispensed tens of thousands of dollars in Goldback Bills to users in Nevada and Utah, according to a press release.

The Goldblacks are flexible and durable and can be purchased for a minimum of $20. Goldbacks are identified as Specie Legal Tender in a number of states such as Nevada and others are in the process of implementing laws to recognize gold as legal tender.

«Before GoldATM, the purchase of small amounts of gold were economically unfeasible. Most retail physical gold products are sold in troy ounces which is an entry barrier of $2,000+ dollars. This price point is out of reach for millions of consumers who would like to purchase in smaller amounts or to invest regularly and frequently to dollar cost average in,» Andrew Carey, CEO and co-founder, GoldATM, said in the release. «We're serving a part of the retail gold market that has never been properly served before via a distribution method as familiar as an ATM.»

The company plans to deploy thousands of Gold ATMs throughout the U.S. in the coming two years.

Source: ATM Marketplace