The ATM is the Satoshi1 cryptocurrency vending unit manufactured by San Diego based, Genesis Coin (www.bitcoinatm.com). Coin Citadel also provided an update on its launch strategy

"We are very excited to announce our first bitcoin vending location at the offices of CrowdGather, a social media and gaming company in Los Angeles," said Bill Schaefer, Coin Citadel's CEO. "CrowdGather will offer access to our machine for any visitors seeing to purchase bitcoins from us, but we also intend to host semi-regular meetups at their offices in order to develop ties to bitcoin developers and startups that we intend to partner with."

Schaefer continued, "This installation represents the official launch of our activities while we prepare for the filings we must complete in order to receive our MTB license. Once these applications are accepted, we intend to reopen our leading edge online exchange platform, Bitcoiner7. We have also started acquiring other bitcoin assets including hard drives with inaccessible or corrupted bitcoins. Our goal is to use our Bitcoiner7 exchange, and our physical network of ATM locations to serve as the core of all of our bitcoin initiatives while we continue to pursue opportunities that will also allow our company to accumulate a sizeable position in cryptocurrencies on behalf of our shareholders."