You've been redirected from MobilePaymentsToday.com to PaymentsDive.com. In March 2021, Mobile Payments Today became a part of Payments Dive. For the latest payments news, sign up for the daily newsletter.

New Jersey smoke shop welcomes state's first bitcoin ATM

The deployer, Kointron, plans to expand to additional locations in New Jersey and New York.

Published

July 17, 2015

Smoke Shop Jersey City is now home to the first bitcoin ATM in New Jersey, according to a report by NJ.com. Kointron deployed the machine on July 16.

In order to buy or sell bitcoin at the two-way ATM,  users must first download an e-wallet on their smartphone. Transactions are completed by using the phone's camera to scan a unique QR code on the bitcoin ATM screen. The service comes with a fee of 8–15 percent, of which the merchant keeps 4 percent.

According to the report, this is Kointron's first deployment. Michael Singh, founder of Kointron, plans to expand to additional locations in New Jersey and New York.

"We need this for mass adoption," Singh told NJ.com. "We need this to be as safe, efficient, and quick as possible."