Robocoin Machine Turns Virtual Currency Into Cash

Robocoin has chosen Israeli Tel Aviv for its first cash-out capable Bitcoin ATM in the Middle East.

As of June 11th, anyone interested in trading the virtual currency on the go can stop by the Townhouse Tel Aviv hotel, on the corner of Rothschild Boulevard. This is Israel’s second Bitcoin ATM.

Robocoin says its machines have security features to prevent theft and fraud that are compliant with anti-money laundering regulations.

“Bitcoin is experiencing a massive growth-trend in Israel but until now all transactions must either be carried out through a bank, with a lot of bureaucratic hurdles involved, or through trading with private individuals which can be unreliable and raise questions of trustworthiness,” Nimrod Gruber, CEO of Bitbox, told Green Prophet blog.

Israel boasts one of the world’s most active Bitcoin communities and has approximately two dozen startups developing tools to allow the virtual currency to be used in real-time transactions.

Tel Aviv’s first Bitcoin ATM is a one-way Lamassu vending machine that allows users to anonymously purchase the digital cash, whereas the Robocoin machine allows two-way transactions.