Tel Aviv welcomes first two-way Bitcoin ATM

Robocoin vending machine allows users to turn virtual currency into cash.

Robocoin ATM debuts in Tel Aviv.

Robocoin ATM debuts in Tel Aviv.

American company Robocoin has chosen Tel Aviv for its first cash-out capable Bitcoin vending machine in the Middle East. This is Israel’s second Bitcoin ATM.

Starting today (June 11), anyone interested in the virtual currency can stop by the Townhouse Tel Aviv hotel, on the corner of the city’s trendy Rothschild Boulevard, to buy or sell the crypto-currency on the go.

Tel Aviv’s first Bitcoin ATM, located at the Bitcoin Embassy, is a one-way Lamassu vending machine that allows users to anonymously purchase the digital cash. The Robocoin machine, which is being brought into Israel by Bitbox, allows two-way transactions.

Robocoin says its machines have security features built in to prevent theft and fraud that are compliant with anti-money laundering regulations.

Israel boasts one of the world’s most active Bitcoin communities in the world and has some two dozen startups creating tools to allow the virtual currency to be used in all kinds of real-time transactions.

“Bitcoin is experiencing a massive growth-trend in Israel but until now all transactions must either be carried out through a bank, with a lot of bureaucratic hurdles involved, or through trading with private individuals which can be unreliable and raise questions of trustworthiness,” Nimrod Gruber, CEO of Bitbox, told Green Prophet blog.

About Viva Sarah Press

Viva Sarah Press is an associate editor and writer at ISRAEL21c. She has extensive experience in reporting/editing in the print, online and broadcast fields. Her work has been published by international media outlets including Israel Television, CNN, Reuters, The Jerusalem Post and Time Out.