BTCPoint starts 10,000 bitcoin-enabled ATMs in Spain, as a result of its agreement with major national bank Banc Sabadell and Hal-Cash.
"Once you send your bitcoin to our address, you'll receive a text message with a code and with that code you can go to any ATM and receive cash right away," co-founder and COO Alex Lopera explained. He added that users don't need to have a credit card or account with the banks in order to receive cash.
Customers need to enter the amount of money they'd like to withdraw from the ATM using the application and send bitcoin to a company address. They will then receive an SMS and a PIN code, using which they will be able to withdraw their funds.
