Crypto traders rejoice! HKCEx's Bitcoin ATM network takes altcoins
HKCEx’s Bitcoin ATM network caters more to traders than to users, taking up to five alternate currencies, including Litecoin and PeercoinBy Terence Ng 06 Mar, 2014
Bitcoin ATMs have sprung up in Asia like mushrooms after a rain, with the introduction of machines such as Bitcoin Exchange’s Lamassu terminal and the Tembusu in Singapore. Now, in Hong Kong, HKCEx plans to introduces a whole network of Bitcoin ATMs, but with a twist; these terminals will take other cryptocurrencies such as Litecoin and Peercoin as well.
A Hong Kong-based Bitcoin exchange service founded in September 2013, HKCEx provides a wide range of payment options for its cryptocurrency trading services, with the ATM being the latest.
Following an investment of US$2 million in seed funding, HKCEx announced last week that it will be opening a network of 10 Bitcoin ATMs in 10 of the largest shopping and financial centres in Hong Kong. Each machine will let users buy and sell online any of five basic cryptocurrencies, including Bitcoin, Litecoin, Namecoin, Novacoin, Peercoin, and to make a withdrawal with HKD or USD.
Chairman and CEO Pheng Cheah states accepting non-Bitcoin cryptocurrencies, also known as altcoins, is done with a belief that users are more likely to be traders than users. “We think that Bitcoin as well as altcoins are now used for speculation purposes mostly,” he said, adding, “Moreover, some altcoins are more interesting than Bitcoin for many traders (scalpers, for example). That’s why we strive to provide many opportunities for traders and investors, with main goal being to increase the attractiveness of crypto-trading and growth of clients’ capital.”
According to Pheng, the ATMs will have a direct connection to the HKCEx trading market, allowing traders to track current exchange rates in real-time. Other features that make HKCEx’s machines attractive to traders are QR scanners, two-factor user identification, and chip-based keys that one can receive by regular post.