Bitcoin Businesses

First Bitcoin ATM Installed in ECB’s Own Backyard

Esther Kim | Nov 28, 2018 | 13:00

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Germany has just got its second Bitcoin ATM in Frankfurt, home of the European Central Bank, as the total worldwide machine count hits 4000 for the first time.

Bitcoin ATM Arrives in Frankfurt

As local media reported November 23, Bitcoin-Store Frankfurt in Germany’s financial center and home of the European Central Bank (ECB) is now home to one of only two BTMs currently operational in the country.

Under the auspices of founder Oliver Pangratz, Bitcoin-Store exists as a brick-and-mortar cryptocurrency guide, offering in-person assistance with all aspects of Bitcoin including helping consumers open wallets and send transactions.

“A relatively small group of people have knowledge of cryptocurrencies in Germany at present,” Pangratz told local news program Hessenschau Monday.

…At Bitcoin-Store we want to get people a bit more enthused about the topic.

Unlike the US, which now boasts 2370 BTMs according to data from CoinATMRadar, Germany is one of the most sparsely-populated jurisdictions for Bitcoin buying and selling options.

The reason behind the lack of progress remains regulation. As Bitcoinist reported, only a court decision allowed legitimate operation of machines this month, a situation which finance regulator BaFin has suggested may not last.

“Whether the ATM will be found in Munich for a longer period remains unclear and depends on how long the judgment can remain in force,” media reported after the BTM appeared in a Munich casino.

Coinsource Pushes For US-Wide Presence

Across the Atlantic, meanwhile, the competitive push to cast BTMs far and wide has continued in recent months.

Coinsource, one operator which has installed around 200 machines in various US states, finally received its BitLicense from New York regulators at the start of November.

Planning a presence in all 50 states, the company is one of several laying the foundations for a future surge in consumer-level interest.

“This expansion is not only a step in the right direction for mainstream adoption, but should also be seen as a case study for other companies to make every effort to remain compliant with current regulations,” LeapRate quoted Coinsource general counsel Arnold Spencer as saying Wednesday.

What do you think about Bitcoin ATMs in Germany and further afield? Let us know in the comments below!

Images courtesy of Shutterstock, Bitcoinist archives, CoinATMradar.com