Skyhook Releases Open-Source Bitcoin ATM for Merchants on a Budget
The company launched the first ever portable, open-source bitcoin ATM machine last week, priced at just $999.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/RMBP4IAMKZBHHPFKX6DBJBXY4U.png)
Skyhook is new to the bitcoin ATM-scape but is already interesting many with its first project – the first ever portable, open-source bitcoin ATM machine, with prices starting at $999.
The Portland-based manufacturer launched the machine on 12th May and demoed it at the Bitcoin2014 conference this weekend.
Existing manufacturers like Robocoin and Lamassu charge from $5,000 to $20,000 for an ATM that exchanges bitcoin for fiat currencies worldwide. Skyhook’s hardware and software are designed to make bitcoin more accessible to the masses, as well as existing bitcoin users. Chief operating officer Kyle Drake said:
There are online exchanges, but these will normally require the user to verify their identity and home address, and to use a (sometimes costly) bank transfer or credit card transaction to deposit fiat currency, before any bitcoin can be purchased.
If usability among the general population is what holds bitcoin back from wider adoption, as some digital currency enthusiasts have argued, developers will have to focus more on making existing technologies useful to main street consumers. Drake continued:
Small and light, the Skyhook ATM also makes it simple for bitcoin individual users and businesses of any scale to become an exchange, quickly and affordably. The ATM is sufficiently portable, Drake said, but also provides a durable security mounting plate to permanently attach the unit to something, if the user prefers a fixed location – and all with the same level of security.
Skyhook further gives merchants the option to generate revenue while protecting them from price volatility. The bitcoin price is set automatically using the major exchanges, and merchants can set a percentage rate and minimum price if so desired.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
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 2024, 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.