UK’s first bitcoin ATM is, reportedly, set for launch soon, enabling British investors to trade the virtual currency in London.

Las Vegas-based Robocoin, which launched the world’s first bitcoin ATM in Vancouver, Canada, will supply the ATMs for installation in London.

A Robocoin spokesman was quoted by The Telegraph as saying: "It [the bitcoin ATM for London] has already been purchased and the wheels are in motion."

The ATM will enable customers to deposit cash to purchase or sell bitcoins for cash, by transferring funds to or from a virtual wallet on a smartphone.

Robocoin, which declined to disclose details about when the ATM will become operational, expects to launch few more in the US, Asia and Europe. The company also expects to deploy around 500 bitcoin ATMs across the globe.

A bitcoin, which is currently worth about $636, will be available for users online on websites including Overstock.com or in other stores.

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By GlobalData