Stockholm welcomes first Bitcoin ATM developed by local exchange Safello

The Swedish Bitcoin reseller Safello will reveal its latest cryptocurrency-related product next Monday (9), at the STHLM TECH’s Meetup. The startup created a new Bitcoin ATM that will allow the users to exchange cash for virtual coins.

Safello’s team is currently “prospecting more suitable high traffic locations in central Stockholm to place the ATM on a more permanent basis”, Ludvig Oberg told Arctic Startup. This place could be a big shopping mall in the centre of the city, according to Coindesk.

Our aim is to bridge the gap between the traditional financial world and the Bitcoin community. This ATM is a big step in that direction.

Ludvig Oberg

To fully comply with Swedish and international law, the machine can only be used by clients that are registered with Safello, in order to prevent money laundering.

“Just imagine a normal bank ATM: it is always linked to your identity. With the modern ones you are even recorded during the transaction on camera. The equivalent of that is to verify yourself with Safello prior to using the ATM so we can ensure that no money is being laundered”, Oberg added.

The charges associated with the Bitcoin ATM are similar to the fees charged through Safello’s website, but the value could vary slightly due to the additional handling of the cash deposits.