Israeli Financial Startup Launches First Bitcoin ATM in Jerusalem

Although the city of Tel Aviv had a total of three Bitcoin ATMs since the middle of last year, Jerusalem, the capital city of the Jewish state and an emerging hi-tech hub, didn't have a single cryptocurrency ATM machine.

But thanks to BitMarket, a Jerusalem-based financial services startup founded by two young Israeli entrepreneurs, the capital city finally got its first Bitcoin ATM in December, 2017.

In an interview with Israeli news service Ynet, BitMarket founders Idan Mizrahi, 28, and Or-Chai Levi, 24, said they were following the cryptocurrency markets develop for several years before deciding to venture into the space with their own company:

" a certain stage, out of belief in technology, we decided to take the plunge and set up the company.," Mizrahi told Ynet.

BitMarket's ATM, manufactured by Lamassu, only support fiat-to-bitcoin transactions at this time, and charges a 6.95% fee, according to CoinATMRadar.