Chip Chap is a system that interconnects traditional banking platforms and cryptocoins, an alternative payment system that converts virtual money into cash. After the Chip Chap App application was recently launched as a mobile phone-based alternative payment system using bitcoins, today the first bitcoins cash machine was fitted in the espaitec 2 building in Castellón where bitcoins can be bought as cash. Entropy Factory, the espaitec-linked company that has opted for this new economic model through experimentation, collaboration and use of technologies, is the firm in charge of this project.

The first cash machine of its kind in the province of Castellón, and one of the few there are in Spain, is located in the Sofistic installations in the espaitec 2 building. The idea is to fit other cash machines in the Riu Sec Campus and in the province of Castellón in the short and mid term. In fact the company signed an agreement yesterday with the Les Coves Town Council of Vinromà, the first town where shops will accept the "bitcoin cryptocoin" with which customers will be able to make payments in the shops linked to this payment system.

Ten businesses, which include accommodation and catering, small electrical appliances and food, will offer this new mobile phone-based alternative payment system next week. The shop assistant will show the customer the QR code so that the image can be captured, by Android devices for the time being, by the available Chip Chap app, and a transaction can be made in the bitcoin cryptocurrency. The shop owner will be able to change bitcoins into euros, dollars, Mexican pesos or Polish zlotys, among other currencies.

Chip Chap came about to merge the new world of cryptocoins with money used daily, and to adapt its use and many advantages to everyday citizens and to build trust in it being accepted in shops and being withdrawn in cash.