A Canadian firm behind the world's first bitcoin ATM plans to install such machines in London and Singapore by mid-March, Coindesk.com reported.
“We’re currently looking for a location. We’ve got a gentleman on the ground in Singapore that we’ve been working with. We’re likely going to do a similar set-up to what we have here in Vancouver,” Coindesk.com quoted Bitcoiniacs founder Mitchell Demeter as saying.
The report said the ATMs bound for London and Singapore are Robocoin models.
Demeter added the ATMs would likely be located inside a cafe or coffee shop, with a brokerage office attached.
Such a setup already exists in Bitcoinacs' base in Vancouver, where the ATM is located in Waves Coffee House.
Bitcoiniacs, which is based in Vancouver, also plans to set up physical brokerage offices for retail customers and may push to increase use of its own bitcoin exchange.
Prime target
Demeter was quoted in the report as saying Singapore is a prime target for expansion due to its clear rules on the taxation of bitcoin.
"It’s an attractive location for business overall, so it was the perfect location,” he added.
Also, Bitcoiniacs is promoting its own exchange Cointrader, with all Bitcoiniacs machines connected to Cointrader, which is billed as an exchange for ATM operators.
Competition
Coindesk said Bitcoiniacs will have competition in the ATM space in London and Singapore.
Another firm, Bitcoin Exchange, plans to set up a Lamassu ATM that performs fiat-to-bitcoin conversions, in Singapore by April.
In London, three startups are planning to install the first bitcoin ATM in the city. — TJD, GMA News
source: gmanetwork.com
