News

Partnership merges check-cashing capability, bitcoin ATM functionality

June 20, 2017

First Bitcoin Capital Corp., a developer of digital currencies and blockchain technology, has teamed with Simple Automated Money Inc., a provider of automated check-cashing kiosks, to provide self-service check-cashing capabilities at First Bitcoin locations in northern California, according to a press release.

To initiate the transaction, customers insert an ID card and check, and validate their identity through fingerprint technology.

The kiosk verifies the customer's identity, performs an online check authorization and issues an approval or decline to the consumer. If the check is approved, the kiosk then dispenses the customer's cash. Customers may any type of check at the kiosk, the release said.

First Bitcoin also has integrated bitcoin ATM capabilities into three self-service check-cashing kiosks from Samco and is testing customer acceptance of the units in northern California. The company hopes to begin a national rollout later this year.

During the pilot, First Bitcoin will offer discounted check-cashing and promote the service through online advertising, in-store signs and special events.

Additionally, First Bitcoin said it will integrate bitcoin buy and sell capabilities with a nationwide network of 85 existing Samco kiosks. This will enable bitcoin ATM transactions, money orders and transfers, and check cashing through touchscreen kiosks featuring biometrically secured access, the release said.