Startup Accelerator Gives Boost to Bitcoin ATM Operator Liberty Teller

NEWS
Pete Rizzo
May 27, 2014 at 22:00 UTC  |  Updated  May 28, 2014 at 08:59 UTC

Boston-based ATM network provider Liberty Teller has been one of the more high-profile local ATM operators due to its ability to place machines in notable locations such as South Station and Harvard Square, two of the metropolitan area's biggest commuter hubs.

Liberty Teller rose to prominence by taking a more guerrilla approach to distributing its Lamassu ATMs, opting to set up units without merchant partnerships and in attention-grabbing locations as a way to spread awareness about bitcoin.

This boots-on-the-ground strategy may soon be getting a boost, however, as Liberty Teller was recently accepted into the latest class of Boston-based startup accelerator MassChallenge. The class includes 128 startups from 11 countries, with the majority (32%) seeking to disrupt the high-tech industry.

However, Liberty Teller co-founder Chris Yim told CoinDesk the company is most looking forward to sharing ideas with fellow e-commerce and retail entrepreneurs as they seek to potentially expand and monetize their operation, explaining:

"We have already signed up two MassChallenge finalists to accept bitcoin and look forward to working with the community whether it is further bitcoin integration or placing Liberty Teller kiosks at their stores."

Yim explained that given that these startups are strapped for resources, bitcoin could help them power their operations by handling everything from payment processing to PR and marketing.

As a member of the programme, Liberty Teller will receive access to key services, such as legal advice, free work space, wireless Internet, phones and conference rooms.

MIT ambitions

Given Liberty Teller's geographic location, the company may also be in a unique position to grow its network with the help of those trying to further bitcoin's prospects at the campus of the Massachusetts Institute of Technology (MIT).

The renowned university, which recently held the MIT Bitcoin Expo, holds the potential to become a large customer base for Liberty Teller, Yim said:

"There are now a half dozen plus bitcoin-accepting merchants, a way to purchase bitcoin instantly (our Liberty Teller kiosk) and 4,500 students who will be getting bitcoin all within a few blocks of each other."

Yim added that the company is working with members of MIT Bitcoin Club, which is set to distribute $500,000 in BTC to undergraduates this fall.

Boston strong

Liberty Teller's news comes at a time when Boston is slowly becoming a potential center for bitcoin activity. As noted by the reddit community, the combined resources of Liberty Teller's ATMs and MIT's student body could slowly turn the area into a 'Bitcoin Boulevard' of sorts.

The Netherlands' original Bitcoin Boulevard, launched this March, is reporting positive results for merchants, two months into a more cohesive project aimed at fostering broad merchant adoption.

For more on this project, watch our most recent video report.

Image via MassChallenge

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