The initiative to install a network of bitcoin ATMs or bank machines comes from the two business students and IT entrepreneurs Georg Bühler and und Maksymilian Mencel, as Stephan Agnolazza explains an article in Wirtschaft regional.
The two had followed the development of the first bitcoin ATM, which had been installed in the Hoi shop in Vaduz at the beginning of 2017 but was shut down by the end of the year as the small shop could not cope with the rush on the machine. Bühler and Mencel took advantage of this gap in the market and founded the bank machine operator Bitcoin ATM Liechtenstein.
“Due to their complexity, cryptocurrencies such as bitcoin are a mystery to many people in our society,” said Bühler. “We believe there is a need for secure and easy-to-understand access to the world of cryptocurrencies.”
Their first ATM has been in operation since mid-July in the premises of Nägele Attorneys at Law in the House of Blockchain in Vaduz. Plans are underway to install a total of five ATMs in Liechtenstein by the end of the year, where people can withdraw bitcoin and other cryptocurrencies.
With its Bitcoin ATM, Liechtenstein is ahead of its neighbour Switzerland when it comes to cryptocurrencies and is leaving Switzerland behind in regards to a Crypto Valley, warns the Swiss daily the Tages-Anzeiger. According to the newspaper, quite a number of innovative startups in the crypto-city of Zug are flirting with the idea of moving to Liechtenstein. They are being lured not only by better legal regulations, but also by the small private bank Bank Frick and more comprehensive financial services for startups in the blockchain sector.