The Massachusetts Institute of Technology, also known as MIT, have just installed their very first Bitcoin ATM, which has been provided by Liberty Teller. It has been installed in the MIT Coop store in Kendall Square in Cambridge, an ideal location for placement. The installation marks the beginning of an era which many believe to be the era of the "bitcoin economy" within the MIT.
Earlier this year this project already started when all MIT undergraduates received $100 worth of Bitcoins to use. Now it will be possible for them to easily purchase and sell even more of the cryptocurrency through the MIT Coop store which was founded in 1882. The store does profit-sharing and will be operating the ATM Monday to Saturday.
“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.” Chris Yim, Co-Founder of Liberty Teller said to CoinDesk.com.
Yim also told to CoinDesk that Coop is looking into accepting Bitcoin payments for their goods, which would benefit the students and the store greatly. Bitcoin is very common among the MIT community and that was part of the reason to install the Bitcoin ATM in the first place, but also to show the students that they are being supported to continue working with cryptocurrencies.