The UK’s first Bitcoin ATM was launched yesterday (3/3/2014) at The Old Shoreditch Station, a café bar in London. The Lamassu Bitcoin Machine accepts customer’s bank notes and then sends Bitcoin to the customer’s Bitcoin address. The process takes as little as 15 seconds.
The ATM is operated by Future Coins in collaboration with the Jaguar Shoes Collective, the owners of the bar. The collective was one of the first locations in London to accept Bitcoin back in July 2013.
The financial director, Simon James, explained the advantage of installing a Bitcoin ATM:
Purchasing Bitcoins online can be a long and difficult process. Our ATM offers cash to Bitcoin conversion through a fast, secure transaction, using a compact and attractive wall mounted ATM.
The ATM only converts notes to Bitcoin not the other way around, this means it does not need a license to operate in the UK. Lamassu has sold hundreds of the machines to customers all around the globe.