Online retailer Overstock.com installs bitcoin ATM at Salt Lake City headquarters

Industries Associated Press

Online retailer Overstock.com has installed a bitcoin ATM at its corporate headquarters in Salt Lake City.

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Overstock.com announced that the ATM was up and running Friday to allow the company's employees to exchange U.S. dollars for the digital currency.

The ATM is not open to the public.

Bitcoin users buy the digital money and store it in a virtual wallet. They can then transfer it to merchants and individuals without involving banks or credit cards.

Overstock.com says its customers have made $3 million in bitcoin purchases since the company became one of the first major retailers to accept the currency last January.

The company is also working to offer its employees the choice to be paid in bitcoin.

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Overstock.com CEO Patrick Byrne said Friday that the company may pay some employee bonuses in bitcoin this year.