South Korea launches Bitcoin ATM

South Korea launches Bitcoin ATM

South Korea has become the latest country to launch a Bitcoin ATM, allowing users to purchase the cryptocurrency as well as withdraw cash, according to a report.

Coindesk reported Bitcoin exchange Coinplug and ATM manufacturer Nautilus Hysung have partnered to release the ATM.

Coinplug, one of the largest exchanges in South Korea, has also released a number of Android apps for merchants and traders, as well as a wallet for consumers.

The ATM, which is located in Seoul’s Coex Mall, is the only one of its kind, not requiring the user to enter identifying information or biometric data.

The ATM accepts cash and allows users to withdraw funds from Bitcoin wallets on their smartphones.

HumanIPO reported last month United States-based Robocoin was launching the first Bitcoin ATM in the country.

Last year, the world’s first Bitcoin ATM was launched in Vancouver, Canada.

“Those familiar with Bitcoin have long lamented the historically arduous exchange process and have been delighted by Robocoin’s ease-of-exchange. Some customers used their newly purchased Bitcoins to buy coffee at the Bitcoin-accepting Waves location, while others impressed their parents by exchanging Bitcoins for Canadian dollars,” the ATM providers said in a blog post.

The reliability of Bitcoin has been called into question this year after a series of denial of service (DoS) attacks on exchanges, as well as the closure of Mt. Gox, a Japanese exchange that had allegedly been hacked.

Image courtesy of Shuttershock

Posted in: Internet

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