London’s First Bitcoin ATM Launched at an Old Shoreditch Station Cafe
Just weeks after London launched its first BTC Voucher Shop as a walk-in service for Bitcoin purchase, the city has created another milestone by launching its first Bitcoin ATM Machine today.
LONDON (Scrap Monster) : Just weeks after London launched its first BTC Voucher Shop as a walk-in service for Bitcoin purchase, the city has created another milestone by launching its first Bitcoin ATM Machine today. With the launch of the new ATM machine at the trendy Old Shoreditch Station Cafe, London has doubled options for Bitcoiners in the city to instantly exchange their Bitcoin with cash. Bitcoin exchange which was only possible to the people of London through online transaction or ID/bank payment modes can now be accomplished with no time through the ATM machine.
The new ATM at London was provided by a London-based Future Coins which is a startup company, thereby moving Bitcoin operations to a new level. According to the entrepreneur and director of Future Coins, Mr. Joel Raziel, he thought of providing a Bitcoin ATM in London and had contacted the leading provider, Lammasu. Lammasu had informed that they had not received any orders from UK and therefore Joel Raziel thought to cost up the project and move forwards with providing a new ATM in the city.
On the day Future Coin launched ATM at the Old Shoreditch Station Cafe, it was astonishing to find that the UK tax authority, HMRC came up with the decision to classify Bitcoins as VAT exempt. The distinguishing feature of the new London ATM when compared to other machines is that it offers a limit of £ 1000 for transactions. It also doesn’t require any ID. Though Future Coins lack an exchange partner currently, they are looking out to incorporate the option too. Without linking the ATM to an exchange, it puts the company at the risk of preloading coins in the machine to protect from fluctuations.
Other companies including Global Bitcoin ATM Ltd, Satoshipoint Ltd. etc are planning to install ATMs in London which may act as rivals to the Future Coin.