A Robocoin-powered Bitcoin ATM, operated by CoinVault, is open for business in downtown Houston’s George R. Brown Convention Center (GRB).
The move makes GRB the first convention center offering access to digital currency, and marks the first time that a Bitcoin ATM has gone into a city-owned building—facts that CoinVault has trumpeted as evidence of the mainstreaming of Bitcoin.
Users can avail themselves of the machine to deposit cash and obtain a Bitcoin wallet instantly, or make withdrawals and transfers.
Use of the currency has had its boosters and detractors. Because Bitcoin is untraceable, it behaves like cash—making it a favorite for money-laundering operations and criminals. And because it’s digital, it can be hacked—and indeed has been, many times over. Supporters like the high-tech aspect of it all, and the fact that it can be used as a universal currency worldwide.
Robocoin, which is installing machines in Boston, Chicago, Los Angeles, Phoenix and Dallas, as well as internationally in Romania, the Netherlands, British Columbia and Italy, pointed to its just-launched “Know Your Customer” compliance standards, which was part of an ongoing strategy to prevent money-laundering. Essentially, it eliminates the anonymity piece of the equation.
The standards include “disallowing anonymous transactions,” the company said in a statement. “We make business decisions with scalability in mind. It is not worth risking legal repercussions and long-term viability to accommodate those who favor anonymity over regulatory compliance.”
Houston officials, for their part, seemed happy with the move. “The George R. Brown is enormously proud to be an early adopter in this important new global technology, leading the way for other conventions centers throughout the world,” said Dawn Ullrich, president and CEO of facility manager Houston First, in a statement. “We view this as an amenity for convention-goers visiting the GRB.”
Mark Goldberg, Houston First’s assistant general counsel, added that he thinks of it as a differentiating amenity.
“We think this will be an attractive option for international travelers coming to Houston,” Goldberg said. “There will be no need to carry large amounts of hard-currency during travel. Pick up your funds when you arrive in Houston. Exchange-rate conversions for those seeking US dollars are done automatically at our Bitcoin ATM.” Goldberg also called Bitcoin “a safer way to make international and online transactions.”