At Amagi Metals, we started selling precious metals in exchange for bitcoin years ago. We greatly respect both assets, and accepting bitcoin has been part of our constant effort to provide an innovative, valuable, and convenient customer experience. Quantified Assets, a dealer in Singapore, is now using a modified Lammasu bitcoin ATM to offer a similar service.
The platform allows users to deposit bitcoin and obtain a receipt for an equivalent amount of gold or silver. This automatically creates an account on Quantified Assets’ website that can be used to manage the metal. The company has already been selling bullion for bitcoin for some time, but hopes to begin offering this unique new ATM service around the world. The process is as simple as touching touching a button and sending bitcoin to a QR code that appears on the screen. According to the company’s CEO, Ville Oehman, the actual gold and silver that is available for purchase is kept safe in the hands of third-party storage providers that are fully audited and insured.
Lammasu is a New Hampshire-based company that has been designing bitcoin ATMs since 2013. The goal of the founders, brothers Josh and Zach Harvey, is “to harness the technological supremacy of cryptocurrencies and provide this same experience to those who’ve never had access to basic financial services in the past.” While the ability to buy precious metals with cryptocurrency might not be the most “basic financial service,” it should be quite valuable to many people looking to secure their savings.
Quantified Assets’ own device is currently the only one with this new ability, but the dealer hopes to enable other ATM operators to adopt the technology. They have created a custom version of Lammasu’s open source software, and the ATM provider has expressed interest in adding the functionality to the official version. This would allow the 118 existing Lammasu operators to begin offering gold and silver for bitcoin. At least one has already begun planning to do so.
One of the most exciting aspects of this new technology is the potential for expansion. Precious metals are not the only products that could be traded for bitcoin through an ATM. Theoretically, anything imaginable could be sold automatically, including physical items that you might find in a traditional vending machine. Perhaps the next step for Quantified Assets should be to start selling physical bullion as opposed to paper slips. A machine with those capabilities sounds fascinating to me, and I imagine that many others would be interested as well.
Daniel Brown is the editor-in-chief of You, Me, and BTC. There, he co-hosts the planet’s most entertaining Bitcoin podcast and writes about various crypto topics. He also works for Liberty.me, preparing content pages, bug testing, and doing anything else that needs to be done.