SatoshiPoint to Launch Three New Bitcoin ATMs Across the UK

NEWS
Daniel Palmer
May 27, 2014 at 15:52 UTC  |  Updated  Mar 16, 2015 at 13:34 UTC

SatoshiPoint has announced the launch of three new bitcoin ATMs across the UK this Friday: two in the capital and a third in Bristol, in the west of the country.

The startup will own and operate the ATMs, which are two-way Robocoin machines, allowing users to both buy and sell bitcoins for pounds sterling.

SatoshiPoint's second-generation ATMs will include a passport scanner, as well as biometric palm reader and driving licence reader, which will not be implemented initially, but seek to 'future proof' the machines for compliance with potential regulatory requirements.

The company says it plans to charge a flat 5% fee over the live bitcoin price on Bitstamp, but has future plans to integrate with Cointrader.net to speed up withdrawals.

The new ATMs will be sited at:

  • Old Street: Nincomsoup, located within Old Street Tube station.
  • Oxford Street: Rathbone News, Rathbone Place, London, W1T 1JS.
  • Bristol City Centre: SuperFoods, 25-27 St Stephens Street, Bristol, BS1 1JX.

Burgeoning bitcoin scene

London already has three bitcoin ATMs in operation: a Lamassu unit run by Future Coins at a trendy bar in Shoreditch (the capital's first), a Robocoin machine run by Global Bitcoin ATM at an Internet cafe in Holborn, and another Robocoin installed by QuickBitcoin at a coffee and e-cigarette bar near Liverpool Street tube station.

The launch of the two SatoshiPoint machines will make the city one of the easiest places in the world to quickly pick up some digital currency for cash – something essential if bitcoin is ever to go mainstream.

SatoshiPoint's Managing Director Jonathan James Harrison said:

"SatoshiPoint wants to take bitcoin mainstream in 2014 and believes that bitcoin ATMs are essential in making this a reality. Bitcoin ATMs provide a familiar and consistent way for normal people to get hold of bitcoin fast, or sell it quickly for real world physical cash."

"This kind of real world infrastructure will suddenly make bitcoin seem more real to Joe Public and we believe it will be of fundamental importance to wider bitcoin acceptance and adoption," he added.

About the company

UK-based Satoshipoint, which has been funded by its two directors Jonathan Harrison and Hassan Khoshtaghaza so far, has plans to roll out more machines across the country.

The company has been through Bank to the Future's business crowdfunding programme and is currently looking to raise £150,000 to fund rapid expansion (see their YouTube pitch here).

Satoshipoint has already been approved by UK tax authority HMRC for the Seed Enterprise Investment Scheme (SEIS), which allows private investors to offset money invested in Satoshipoint against their personal income tax or capital gains tax.

To celebrate the launch of the new London ATMs, the company is holding a launch party at Nincomsoup from 6pm.

The event will be held in conjunction with XBTerminal.com – a fellow UK bitcoin startup that is promoting its bitcoin point-of-sale terminal. Details for the event can be found here.

 Bitcoin ATM image via Robocoin

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ATMsUKLondonSatoshiPointXBTerminalBristol