Czech Republic to Get First Bitcoin ATM Soon

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Czech Republic to Get First Bitcoin ATM Soon
Czech Republic to Get First Bitcoin ATM Soon

Czech Republic to Get First Bitcoin ATM Soon

The capital city of the Czech Republic, Prague will soon get its first Bitcoin ATM as an investment firm Marlyle recently announced its plans to set it up. According to the official website of Marlyle, all indications are that it will launch a Robocoin machine which in all probabilities will be the first one to be operated in Europe.

The Bitcoin ATM to be installed in Prague and will allow users to purchase and sell Bitcoins. Nevertheless, Marlyle has ordered three such Bitcoin ATMs from U.S. manufacturer Robocoin Technologies, which has already installed some of its machines in Canada. Robocoin which earlier planned for releases in Europe, Canada, and the U.S., is now executing its plans.

Robocoin also announced earlier this month that after successfully installing its Bitcoin ATMs in Vancouver, it will install them in Hong Kong and Taiwan. Now, the Czech Republic will be its entry point for Robocoin which is all set to conquer the world. According to Marlyle the first Bitcoin ATM will be located in the Smichov district of the Czech capital.

The developments for the contracts for installation began in December last year. The two companies signed an agreement worth about 1,500,000 CZK ($74,500) wherein Marlyle’s first Bitcoin ATM will become operational in April 2014. Though there is clarity about the location of the first Bitcoin ATM, the locations of the remaining two machines have not been disclosed.

However, according to Marlyle it will unveil further information on the project in February. Bitcoins’ demand in Europe is amazing and increasing and the latest development will help it become even more popular than ever. Earlier Robocoin CEO Jordan Kelley had admitted his plans to expand its reach and Bitcoin ATM in Prague is one step towards that goal.

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Bitcoin ATM in Prague is an ideal solution for those who are seeking to enhance consumer capability to buy and sell Bitcoin securely and safely. Nonetheless, Robocoin which was built from the ground up to be 100% compliant globally and secure, is expected to provide 3-step verification so that operators receive unprecedented visibility of their customers.

Also, Robocoin software provides incredible power to defend against money laundering which has been a major concern for governments. Nevertheless, the palm vein scanner + the ID scanner + facial matching is replacing the need for a bank teller and on the security side, the kiosks connect to the company’s infrastructure through a VPN connection.

Additionally, the servers are not publicly accessible from the internet which minimizes the attack service.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com