CoinPlug: Bitcoin Purchases Now Available at Mainstream ATMs in South Korea

Individuals who are interested in buying bitcoin are able to purchase the digital currency through 7,000 regular ATMs across South Korea.

The offering comes from a partnership between Coinplug, a local bitcoin exchange platform, and Nautilus Hyosung, the country’s leading ATM hardware producer (currently 4^th largest in the world). This pair is the first to launch credit card to bitcoin services in the area.

Ryan Uhr, CEO of CoinPlug, said, “We could dramatically increase okBitcard sellers because we shared our vision for bitcoin and digital currency for future payment with our partners.”

Minimal identification is needed to initiate a purchase. In particular, individuals are only required to key in their date of birth and phone number. During the transaction, users can choose from the following fiat options: 10,000, 30,000 and 50,000 South Korean won (around $10, $30 and $50).

A paper receipt is then printed along with a unique PIN code. To complete the process, individuals must redeem their purchase through CoinPlug’s official mobile app or the okBitcard site.

CoinPlug Chief Operating Officer, Richard Yun, mentioned that most consumers lack general access to bitcoin-related facilities, making it difficult to obtain the digital currency. But now anyone with a credit card and a smartphone can take part in the bitcoin experience.

The company also plans to expand its offering internationally, starting with nearby locations and major cities where bitcoin thrives.

“At the moment, as we can see bitcoin is doubly underestimated and this indicates how good investment attractiveness is toward bitcoin,” highlighted Denis Hert, ALFAquotes project manager.

Before the new service, CoinPlug and Nautilus Hyosung launched a bitcoin ATM that was installed in Seoul’s Gangnam district last year of March 2014. The machine allowed users to buy and sell bitcoin, but was limited to cash-based transactions.