Singapore’s Bitcoin market gets a shot in the arm with Coin Republic’s new Bitcoin vending machine that allows cash withdrawals
The pace of Bitcoin acceptance in Singapore has been accelerating since late February. With Bitcoin vending machines and ATMs from Tembusu, Bitcoin Exchange, and other operators springing up all over the island, Bitcoin users in Singapore can now exchange SGD for Bitcoins quickly and conveniently.
In a move that could further take Bitcoin mainstream, Singapore-based Bitcoin broker Coin Republic has launched the first Bitcoin ATM that accepts cash withdrawals in Singapore. Located at the Bitcoin-accepting restaurant Bartini Kitchen in Boon Tat Street, this brings the total number of Bitcoin ATMs and vending machines in Singapore to 8, with the 7 other machines only accepting cash deposits.
David Moskowitz, Founder, Coin Republic, shares the reason behind introducing the machine. “I know a lot of enthusiasts have been looking for a convenient way to sell their Bitcoin for local currency. This machine allows you to get your cash quickly using a very familiar ATM interface,” he said.
Of course, Coin Republic’s machine, which is made by US-based company Robocoin, also allows users to purchase Bitcoins and deposit them into either an existing wallet, or into a created paper wallet. Coin Republic will be handling the local operation of the machine.
In compliance with new identification laws that the Monetary Authority of Singapore (MAS) plans to roll out in relation to cryptocurrencies, the Robocoin machine will have several identification features already built in, such as an ID scanner and palm vein reader. “As soon as MAS lets us know exactly what the know-your-customer (KYC) requirements are, we’ll be able to turn on those features,” Moskowitz noted.
Despite the recent collapse of Mt.Gox, and the uncertainty of upcoming cryptocurrency regulations, the optimism of Bitcoin firms in Singapore is palpable. With companies like Tembusu obtaining funding and Coin Republic introducing innovative new machines, the future of cryptocurrency in Singapore looks assured.