Robocoin Bitcoin ATM Takes More Than CAD$1m in 29 Days

By Emily Spaven

The Robocoin Bitcoin ATM has taken more than CAD$1m since it launched in Canada on 30th October.

Located in a Waves Coffee House in Vancouver, the ATM has already processed more than 1,500 transactions.

The machine enables people to buy and sell bitcoins and features a palm scanner to identify the user and regulate their daily transaction limit, which in Canada is CAD$3,000.

When purchasing bitcoins, the user can either add them to an existing wallet, or create a new bitcoin wallet. According to the company, over half of the transactions made so far have seen users generate a new wallet, which suggests the ATM is attracting a lot of new bitcoin users.

On the machine’s first day at the coffee shop, it processed $10,000 in 81 transactions. It then broke Robocoin’s first-month goal of $50,000 by reaching a volume of $81,000 after just a week. By day 17, the machine had broken even for its operators.

“For operators, Robocoin offers the best way to invest in bitcoin – a scalable and highly profitable exchange business that’s as easy as purchasing and plugging in a machine,” a statement from the company claims.

It goes on to say that, over the next six months, Robocoin is gearing up to ship hundreds of ATMs across the world with a retail price of $20,000 or $18,500 for those who buy in 2013.

Featured image: Robocoin

View Robocoin Bitcoin ATM Takes More Than CAD$1m in 29 Days on CoinDesk.

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Source: CoinDesk