Bitcoin ATM operator QwikBit announced that it has accepted delivery of its first batch of Lamassu bitcoin ATMs.
says the first units have already arrived in the Isle of Man. The machines will be distributed on the island and further afield in the UK. The first locations have already been secured and the company is in talks with Isle of Man regulators about the rollout.
UK rollout coming soon
QwikBit is incorporated in the Isle of Man, and remains confident that local regulators will approve its plans.
“We’ve been looking forward to the arrival of our first batch of Bitcoin AVMs for several weeks. In that time, we’ve been working on securing our first locations in the Isle of Man, and also liaising with Jason Kelly, a specialist lawyer and Vice Chairman of the Manx Digital Currency Association (MDCA), who has provided invaluable insight on local regulatory matters,” says Stan Ho, COO of QwikBit.
If all goes well, the company will proceed to install additional machines in the UK.
Isle of Bitcoin
Lamassu says it is “very excited” by the Isle of Man launch and it is looking forward to the UK rollout.
“This is a big step towards making Bitcoin more accessible in the Isle of Man and in the UK," said Zach Harvey, CEO of Lamassu.
Charlie Woolnough, Chairman of the Manx Digital Currency Association, said the arrival of QwikBit machines represents another step forward towards making bitcoin accessible to the general public and establishing the Isle of Man as “a domicile of choice for crypto-currency businesses”.
The Isle of Man already has a good reputation when it comes to liberal business practices. The MDCA and other bitcoin proponents want to extend these liberal policies to digital currencies and turn the British Crown dependency into a bitcoin-friendly jurisdiction.
Isle of Mann image via Shutterstock
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.