Finally, Singapore Gets Its Second Bitcoin ATM

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Finally, Singapore Gets Its Second Bitcoin ATM
Finally, Singapore Gets Its Second Bitcoin ATM

Finally, Singapore Gets Its Second Bitcoin ATM

Investors and traders are unfazed about the crisis Bitcoin is in, the latest example of the emotions is that despite the setback that Mt. Gox gave to the six billion dollar Bitcoin economy, the digital currency is getting new customers. Now, Singapore has received its second official Bitcoin ATM. The second BTC ATM was installed on 28th February when a Lamassu unit debuted at Citylink Mall.

Though Citylink Mall cannot be considered a mega mall, it has a decent retail space of 60,000 square feet. The specialty of this mall is that it is the country’s first underground mall. The best part about Citylink Mall is that it is still in a high-profile location that connects City Hall with local transit and hotels and that ensures higher penetration of customers.

Earlier ForexMinute had reported last month that Bitcoiniacs founder Mitchell Demeter wanted the Bitcoin ATMs to be installed in Singapore, probably inside a cafe or coffee shop. He had mega plans to expand the network in the country and worldwide.

However, later on it looked like the company delayed the execution; now, Singapore-based ATM provider Tembusu Terminals has become the first company to bring a permanent Bitcoin ATM. Now, the new Bitcoin ATM from Lamassu is definitely going to add competition in the market which has quite a friendly policy towards the digital currency.

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The New Bitcoin ATM Company Will Bring Promotional Offers for Customers

After the launch of the Bitcoin ATM, in her statement, Zann Kwan, executive director of Singapore-based Bitcoin Exchange Pte Ltd, the company operating the ATM, said that she was happy to bring this potentially groundbreaking technology to Asia and Singapore.

According to her as Singapore has a friendly policy towards Bitcoin and has a fast-growing Bitcoin community, the move was on expected line.

Zann Kwan also predicted that her company plans to install more Bitcoin ATMs by the end 2014 and the one that has just been installed is the first in the series. The major areas of interest for the company are the public places that have higher footfalls. The company is interested to galvanize Bitcoin economy and give it strength and popularity that it deserves.

The company aims to bring promotional offers for customers so that they come to it and buy Bitcoin. According to Zann the first 50 users would receive S$5 in cash and a paper wallet as part of the first-day giveaway.

Toc contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com