Bitcoin Forum

The number of bitcoin ATMs is on the rise in Russia. Ten of them were recently installed in five districts of Novosibirsk by a local startup. Last week, a different company announced their plans to install a hundred cryptocurrency ATMs in Moscow hotels and airport terminals starting this month. Meanwhile, the regulators have said that they will not legalize cryptocurrencies anytime soon.

Novosibirsk’s Ten Bitcoin ATMs

In Russia’s third most populous city, Novosibirsk, ten one-way bitcoin ATMs were recently installed by a local startup BBFpro, according to RBC. The machines were placed in five districts of the city; Kalininsky, Zheleznodorozhny, Oktyabrsky, Leninsky and Kirovsky districts, detailed the company’s director, Anton Friedel.

Most of the terminals are located in stores selling bottled beverages, he told the publication. “All ten devices are located in such a way that each resident of the city has the opportunity to quickly and easily reach the point of sale of bitcoins,” he was quoted. His team originally wanted to place them in the city’s large shopping centers, but the rent is too high, he elaborated, noting that:

        "Large shopping centers requested a rent which is almost impossible for us as a startup. The amount for one place reached 15-20,000 rubles, while in beer shops we pay 2,000 rubles for each place."

He also revealed that it took his team about three months to develop software and install the terminals, adding that the project cost about two million rubles. The machines charge a commission of 6%. “We made such a small percentage because we are counting on a large flow of customers,” RBC quoted him saying. According to him, BBFpro currently has no competitors in Novosibirsk.

In the near future, Friedel said he plans to expand his network of cryptocurrency ATMs in Novosibirsk as well as to neighboring areas. He specifically named Kemerovo, Krasnoyarsk, Barnaul, and Irkutsk. In addition, “we are developing a terminal that will not only sell but also buy cryptocurrency,” he explained, adding that they also plan to start selling other cryptocurrencies.

https://news.bitcoin.com/bitcoin-atms-rise-russia/