Singapore-based firm Bitcoin Exchange today launched Asia’s first public Bitcoin ATM at Citylink Mall, 1 Raffles Link in the city-state. This follows the firm’s announcement nearly a month ago that it will be bringing the Lamussu Bitcoin ATM to Singapore.
According to Bitcoin Exchange, this launch marks a significant milestone in the adoption of Bitcoin in Singapore, and will contribute to the growth of merchants accepting Bitcoins as a form of payment.
“We are glad to be Asia’s first operator for the Lamassu brand of Bitcoin Machines. This user-friendly machine allows Bitcoin buyers to convert cash to Bitcoins in less than 15 seconds,” said Executive Director Zann Kwan, adding, “The Bitcoin community in Singapore is growing rapidly and Bitcoin is an attractive payment option for e-commerce and in storefront shops alike.”
In addition, Kwan noted that the lack of transaction fees could improve the adoption of Bitcoin among Singaporeans. “Bitcoin users do not have to pay financial intermediaries like banks transaction fees. This translates to cost savings for consumers. We are happy to bring this potentially groundbreaking technology to Asia and Singapore,” she said.
Located in basement one (#B1-K2) of Citylink Mall, the ATM scans a Bitcoin QR code and sends the cryptocurrency to the user’s Bitcoin wallet, which could be a mobile wallet or a printed paper wallet.
The firm has plans to install more ATMs by the end of 2014, at public venues with high traffic flow. “We are Bitcoin lovers and truly committed to building up the community in Singapore and the region. Our strategy is therefore to remain independent and place our machines at public venues to heighten the access of Bitcoins,” said Kwan.
Bitcoin Exchange is also exploring opportunities to bring the machines to neighbouring countries in Southeast Asia.