MIT’s first on-campus Bitcoin ATM Comes in at MIT Coop Store

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MIT’s first on-campus Bitcoin ATM Comes in at MIT Coop Store
MIT’s first on-campus Bitcoin ATM Comes in at MIT Coop Store

MIT’s first on-campus Bitcoin ATM Comes in at MIT Coop Store

The Massachusetts Institute of Technology (MIT) has got its first on-campus Bitcoin ATM at the MIT Coop store in Kendall Square, Cambridge. The last time MIT was in the news was when it started distributing $100 in Bitcoin to undergraduates in May this year. Later on it also held the MIT Bitcoin Expo conference last month.

However, the latest development at the MIT Coop, a member profit-sharing cooperative first founded in 1882, is expected to help Bitcoiners in the campus. Operating from Monday through Saturday, and located just inside the entrance, the Bitcoin ATM gets higher visibility and expectedly it will encourage more people to use it.

According to Liberty Teller co-founder Chris Yim the store was a natural fit for the ATM operator given its community-oriented focus as he realizes that their model is very much in line with the value proposition Bitcoin provides for merchants and consumers which is simple, transparent transactions with minimal processing fees.

He also hopes that the Liberty Teller launch at the Coop will be playing vital role in the overall development of the digital currency as it makes sense given the broader introduction of Bitcoin currently taking place on campus. Not just the Bitcoin distribution to graduates, but the MIT Bitcoin Project is also sponsoring a summer-long app contest to make Bitcoin popular.

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Part of the Large Bitcoin Plan of MIT

Chris Yim expects that the Coop might start accepting Bitcoin as a form of payment which in all probabilities will come out in the last quarter of the year. However, he feels that with the MIT Bitcoin Project taking place this fall, the latest decision to install a Bitcoin ATM right next to campus will help people familiarize themselves with it well.

He says that with Bitcoin ATM on the campus, interested parties can acquire Bitcoin in advance of the distribution and get firsthand experience. The installation of Bitcoin ATM is towards the same goal that MIT has i.e. bring various aspects of the digital currency to fore. The latest decision was also on the part of the MIT Bitcoin community.

Moreover, as Liberty Teller is working with the MIT Bitcoin Project on a number of plans, it looks the Bitcoin ATM installation at the Coop is part of the same goal. Liberty Teller has also installed similar Bitcoin ATM in Moska, a restaurant in Cambridge the last month. Thus, the Bitcoin ATM at MIT Coop is not its first.

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