There is already a Bitcoin vending machine operating in London: the trendy cafe bar and exhibition venue Old Shoreditch Station is the new home of a Lamassu device that went live this Monday (3).
The machine only allows the users to buy Bitcoin using fiat currency and charges a fee of eight percent per transaction. Each customer can buy a maximum of £1,000 worth of cryptocurrency per month.
Within a partnership with the Jaguar Shoes Collective – the owners of the Old Shoreditch Station, located on Kingsland Road -, the Lamassu device was installed and is being operated by a London-based startup called Future Coins, which announced the launching on Twitter and posted a picture of a client using the vending machine for the first time.
Future Coins’ financial director, Simon James, believes that “purchasing Bitcoins online can be a long and difficult process”.
Our ATM offers cash to Bitcoin conversion through a fast, secure transaction, using a compact and attractive wall mounted ATM.
And the timing could not be better. The machine started operating soon after the British tax authority HM Revenue and Customs (HMRC) announced it was classifying Bitcoins as VAT exempt. The agency has reversed an earlier ruling, released last year, that classified virtual currencies as gift voucher.