The new bitcoin ATM has arrived to the Massachusetts Institute of Technology (MIT). The ATM is based in campus at the MIT Coop store in Kendall Square, Cambridge.
Liberty Teller launched the vending machine, the startup also helps merchants make positive decisions upon the acceptance of Bitcoin, launched the vending machine. Chris Yim, co-founder of Liberty Teller, said:
“We are pleased to bring our bitcoin ATM to Kendall Square’s vibrant tech and startup community which is home to Google, Facebook, Twitter, MIT, and the Cambridge Innovation Center among others.
Along with the MIT Bitcoin Project, the public launch of Circle, and an increasing number of local merchants accepting bitcoin, Cambridge/Boston is showing the world that it is a tour de force when it comes to fintech innovation.”
The introduction of the ATM to the campus represents a further development of the world’s first “bitcoin economy” at MIT. Furthermore, other events include the distribution of $100 in bitcoin to undergraduates this coming fall, and the MIT Bitcoin Expo conference held in May.
The new bitcoin ATM operates Monday through Saturday and is located just inside the entrance.
Chris Yim, Liberty Teller co-founder, said: “Their model is very much in line with the value proposition bitcoin provides for merchants and consumers which is simple, transparent transactions with minimal processing fees.”
Moreover, he also indicated that the Coop is currently considering accepting bitcoin as a form of payment.
Bitcoin emerges at MIT
Liberty Teller launch at the Coop makes sense as it is facilitating bitcoin on campus. In addition to the bitcoin distribution, the MIT Bitcoin Project is sponsoring a summer-long app contest.
Mr. Yim said: “With the MIT Bitcoin Project taking place this fall, it made a lot of sense to have a bitcoin ATM right next to campus so people could familiarize themselves with or acquire bitcoin in advance of the distribution.”
He added that due to the interest of the MIT bitcoin community, the Coop decided to launch the bitcoin ATM. Moreover, Liberty Teller is cooperating with the MIT Bitcoin Project on a number of plans.
Bitcoin takes root in Cambridge
In May this year Liberty Teller launched an ATM at restaurant Moska in Cambridge. Moska is one of several local businesses that have started accepting bitcoin, said Kyle Powers, co-founder of Liberty Teller:
“There are now local merchants directly accepting bitcoin for payment for everything from dumplings to cocktails to tax advice. We are still in the very early days, but momentum is strong.”
Furthermore, Liberty Teller has placed its ATMs on other places in Boston, including Harvard Station and South Station.