Robocoin rolling out first bitcoin ATM in the US
Call it the dawn of the bitcoin ATM.
In Austin, Texas, on Thursday, Robocoin is unveiling the first of what it intends to be many bitcoin ATMs around the world, including at least seven in the United States by May.
"We will be all over the world before end of spring," CEO Jordan Kelley told CNBC.
The ATMs are being manufactured in Arizona, and the company has the ability to make 200 to 250 units per month.
Bitcoin is the cryptocurrency that's not backed by the U.S. or other governments, isn't backed by banks, and has no physical assets backing it. Since its introduction in 2009, the value of a bitcoin has fluctuated, but it was priced as high as $1,000 in December. Currently, one bitcoin is worth around $600
.(Read more: First U.S. bitcoin ATMs to open soon in Seattle, Austin)
Robocoin's first bitcoin kiosk was in Vancouver, Canada, and Kelley says the company has processed over $1 million in total transactions in less than a month. That kiosk is averaging 50-60 transactions per day, Kelley said.
For most consumers, security and reliability are big issues, and Robocoin aims to provide high-quality security.
(Read more: Regulators and hackers put bitcoin to the test)
"We actually do palm vein scanning, which we think is far more secure, private and accurate than fingerprint. The palm vein scan is actually an infrared image of the customer's palm vein patter—the second most unique form of biometric authentication. This biometric data is stored by our partner, Fujitsu," Kelley said.
"Each customer has to go through the verification sign-up process once. After they have been signed up and verified, they never have to sign up again," Kelley added. Potential customers are crossed-checked with various government watchlists to prevent criminals or terrorists from participating, Kelley said.
(Read more: Bitcoin exchange to resume withdrawals after slump)
Kelley said the venture is "completely self-funded." He did not disclose details about investors or other backers.
—By CNBC's Mark Berniker. Follow him on Twitter