Startup Set To Introduce First Bitcoin ATM

The first ATM that exchanges cash for Bitcoins is set to go live tomorrow.

The world’s first ATM for Bitcoins will start doing business tomorrow in a Vancouver cafe, according to media reports. The ATM is being introduced by Bitcoiniacs, a Vancouver-based startup that has purchased five of the ATM’s from Robocoin.

[For More On Check Out: The Future Marriage of Virtual Currency And Mobile Payments In Canada]

The ATM’s use a palm scanner to register and authenticate customers, and are linked to the VirtEx, a Canadian Bitcoin exchange that loads the Bitcoins into the user’s Bitcoin wallet. Users will be able to load up to 3,000 Canadian dollars to the ATM in exchange for Bitcoins. The palm scanner will prevent users from loading more than that amount, which would violate money laundering laws.

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio