New Lamassu Product Upgrades Bitcoin ATMs for Two-Way Transactions

Bitcoin ATM manufacturer Lamassu has debuted a new ATM stand that allows customers to exchange bitcoin for cash, enabling two-way ATM transactions through its units for the first time.

The Santo Tirso floor stand is designed to augment current Lamassu ATMs and compete against current two-way market offerings, such as those from rival manufacturer Robocoin.

Lamassu CEO Zach Harvey

told newsBTC that the new product enables operators to develop their ATM infrastructure based on consumer demand and business concerns.

Harvey said:

"It was important for us to give operators the choice of one-way or two-way transactions. Our modular design allows them the ability to choose a cash-to-bitcoin machine, or the option of adding a stand that enables two-way transactions.

Different operators have different market needs, so flexibility is key here.”

The Lamassu Santo Tirso stand will officially debut at the Bitcoin 2014 conference, to be held in Amsterdam later this week.

The Santo Tirso stand is being offered with a price tag of $5,500 per model. The stand holds up to 1,000 notes in whichever fiat currency the operator chooses.

According to the company, the product is being manufactured on a rolling basis. This, says Lamassu, will give it better flexibility in terms of demand from bitcoin ATM operators.

While the manufacturer didn’t give specifics on the number of orders already placed, Lamassu told newsBTC that operators have expressed interest and are already investing in the Santo Tirso stand.

The floor stand is the second developed by Lamassu, which debuted a similar product - without the cash dispensing component - in March.

The stand was made available for $1,600, and at the time, the company also pledged to reduce overall delivery times for its growing list of customers.

Image via Lamassu