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Bitcoin is taking one more step toward becoming mainstream. Now, visitors to two Southern California specialty grocery stores are able to buy, sell and transfer the digital currency—currently valued at approximately $615—with just a swipe of their hand and entering a bit of information from their account.
The Santa Monica-based fin tech company expresscoin has launched two Bitcoin ATMs in Locali organic convenience stores, located in Hollywood and Venice. So far, the response from the local and tech communities have been encouraging.
expresscoin CEO Joe Hsieh told the Los Angeles Register that within the three weeks since the ATMs were installed, transactions in the “hundreds of dollars” have taken place. The company gets revenue from the ATMs through a commission with the machine’s operator, which does upkeep on the machines and maintains their levels of cash.
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The ATMs, made by the Las Vegas company Robocoin for $15,000 each, are installed with several security measures, including connecting to users’ accounts by scanning their handprints and matching phone numbers to confirm users’ identities. To transfer Bitcoin, customers will need to scan a QR code.
expresscoin also manages Bitcoin ATMs in Las Vegas, but this is the first time the Los Angeles area has ever seen one. The startup is reportedly looking to expand its ATMs to other areas in Southern California.
According to CryptoCoin News, Locali has also seen an unexpected growth in customers because of the new machines. Owner Melissa Rosen said she’s looking into ways to allow her stores, which focus on providing socially and environmentally responsible food and products, to accept Bitcoin as a result of the influx. Hsieh has said that they partnered with Locali for this venture, partly because it allows for a trial run of the ATMs in the area.
“Both of these stores are very forward-thinking,” he told the Register. “We wanted a place that has enough foot traffic, enough exposure, but not too crazy—like an airport—because we want to work out the kinks.”
Robocoin CEO Jordan Kelly said the ATMs are a good way to familiarize people with Bitcoin and make it a little more tangible—and through that, understandable.
“Bitcoin is still a little scary for consumers,” he told the Los Angeles Times. “We try and make it as simple as possible, and with this platform we do that.”
