Diamond Circle Launches First Bitcoin ATM

bitcoinBrisbane: Bitcoin ATM maker Diamond Circle has installed its first kiosk at a cafe in Queensland, Australia.

The new unit is located at the Bluff Cafe at Burleigh Heights, by the Gold Coast’s Surfers Paradise. The company describes its machine, unveiled earlier this year, as the first “cashless bitcoin ATM” kiosk to hit the market.

The Diamond Circle ATM works in conjunction with its bitcoin debit cards, which were announced last May. Despite their name, these cards are only compatible with the company’s machines, however, and cannot be used as debit cards in the traditional sense.

The system works by dispensing Diamond Circle cards, which cost $5 and each contain a bitcoin wallet. As well as dispensing cards, the ATM can also be used to top up and check users’ bitcoin balances.

The company says its debit cards are linked to users’ credit cards at local exchange rates, allowing for instant bitcoin purchases. The platform is also designed to reduce the risk of chargebacks and can comply with different AML/KYC requirements depending on its jurisdiction.