Bitcoin ATM and safety deposit box firms partner on cryptocurrency protection

22 Apr 2014

Irish banks’ reluctance to engage with cryptocurrency bitcoin has been something of a boon for the provider of Ireland’s first bitcoin ATM and a provider of safety deposit boxes, who have joined forces to provide storage for bitcoin certificates.

While the debate rages among financial institutions as to whether bitcoin is a currency or an asset class similar to gold, BitVendo and Merrion Vaults have entered into a partnership to provide a secure bitcoin cold storage service.

Last week, the Green Party’s Ossian Smyth, who is running in next month’s Irish local elections for Dun Laoghaire, became Ireland’s first politician to accept political donations in the form of bitcoin.

Merrion Vaults provides safety deposit box facilities for €199 per year.

BitVendo, which also trades in bitcoin, provided the bitcoin ATM in GSM Solutions on Dublin’s Abbey Street.

Protecting your bitcoin wallet

“Merrion Vaults has a unique synergy with BitVendo,” said Seamus Fahy, founder of Merrion Vaults.

“Both are committed to high security and a quality of service. As banks decide not to store bitcoin certificates, we will meet the need to make a secure safe deposit box facility available to BitVendo’s unique client base,” he said. 

The secure storage of bitcoin is of critical importance to their owners, said BitVendo CEO Megan Dolan.

She said the protection of bitcoin wallets is as important as the protection of contents of a physical wallet.

“Our partnership with Merrion Vaults allows you to store your bitcoins safely in a high quality and secure safe deposit vault in Dublin..

“Our clients now have access to this security at a cost-effective rate as part of our commitment to them,” Dolan said.

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years