After months of rumors and speculation, the first bitcoin ATM in the United States is now in operation.
Lamassu and Enchanted Bitcoin worked together to make the US bitcoin ATM a reality.
Zach Harvey, CEO of Lamassu, told CoinDesk that Stromberg was able to obtain proper regulatory permissions quickly, and that as a result, the launch occurred upon receipt of the ATM.
New Mexico happens to be one of only two US states that do not require a money transmitter business (MSB) license to operate. The other is South Carolina.
Stromberg’s briskness has allowed his ATM to reach the US market in a short time. The absence of procedural money transmitter requirement in New Mexico may have helped, too.
Harvey told CoinDesk that Lamassu's ATMs have verification features built-in:
Compliance means that Lamassu has to remain vigilant on the latest money transmitter policies.
“It's an ongoing project. It's been a challenge to find a way to take the regulatory requirements and make them quick and painless for the end-consumer,” he said.
Physical and not just digital security is important as well, said Harvey.
The current turnaround time for a Lamassu ATM is 10-14 weeks. Harvey told CoinDesk this is because the devices have become rather popular.
Because of this, Lamassu needs to deliver ATMs to customers as fast as possible to compete with a growing number of rivals.
“We are currently ramping up production from 40 machines a month to 60 machines a month, and then to 80 machines a month. Our goal is to build up inventory and reduce lead times to zero," Harvey said.
Harvey wants to be able to serve its customer base as quickly as possible.
“If people want our machine, we want to be able to give it to them now,” he said.
Lamassu ATMs are available to order. The price is $5,000 for one unit, $4,500 for 5-9 units and $4,000 for 10 units or more.
The company does accept fiat in the form of bank wires, but it prefers payment in bitcoin, according to its website.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.