According to the sources from the company behind the world’s first Bitcoin ATM is planning to set up machines in London and Singapore by mid-March this year. Earlier, this company had installed BTC ATMs in Vancouver, Canada and these are operating successfully these days. The Vancouver-based Bitcoiniacs says that the new machines are part of a global expansion plan.
In his statement Bitcoiniacs founder Mitchell Demeter admitted that the Bitcoin ATMs would likely be located inside a cafe or coffee shop, with a brokerage office attached. Also, the BTC ATMs will include setting up physical brokerage offices for retail customers and a push to increase use of its own Bitcoin exchange.
The source from the company also says that the BTC ATMs to be installed in London and Singapore would be similar to its current set-up in Vancouver, where the ATM is located in Waves Coffee House.
In fact, if Mitchell Demeter is to be believed the company is currently looking for a location and it has got a gentleman on the ground in Singapore that it has been working with.
BTC ATMs in Singapore and London Would be Similar to the One in Vancouver
Mitchell Demeter says that the company is likely going to do a similar set-up to what it has in Vancouver. He says that the Bitcoin ATMs going to be installed in London and Singapore are Robocoin models as Bitcoiniacs currently operates a Robocoin machine in Vancouver and other places. Demeter aims to explore Singapore as according to him it has rules on the taxation of Bitcoin unlike other countries.
Mitchell Demeter admits that Singapore became very attractive to us as soon as the authorities made it clear where they stood on Bitcoin. According to him Singapore is an attractive location for business overall, so it was the perfect location his company. The best part associated with the BTC ATMs is that these are being deployed as Bitcoiniacs renews its push to promote its own exchange, Cointrader.
The company says that all Bitcoiniacs machines will be connected to Cointrader that can also be used as an exchange for ATM operators. Nonetheless, Bitcoiniacs plans to set up its own exchange after it faced a large number of unprocessed transactions with Bitstamp.
In fact, if Demeter is to be believed his firm’s original plan was to build a network of brokerages and ATMs around the world.
To contact the reporter of this story: Deepak Tiwari at email@example.com