Robocoin’s Bitcoin ATM in Hong Kong
Bitcoin is slowly gaining more and more exposure in our society. Recently Robocoin announced that they will be opening the world’s second bitcoin ATM machine located in Hong Kong. With this new machine, you’re able to buy and sell bitcoins within minutes. One of the toughest problems out there is the hassle of buying and selling bitcoins online. Most people think the process is complicated, unsafe, and difficult to approach. Robocoin is fixing this problem by creating ATM machines all over the world. Robocoin started off with 2 million dollar in equity and they are currently seeking another 2 million on Angelist.
Customers must choose to either buy or sell Bitcoin.
Let’s say you want to make a withdrawal from your Bitcoin wallet. After choosing an amount of cash you’d like to withdraw, the software installed in the ATM generates a code which you have to scan with your smartphone.
Simultaneously, the machine also produces a receipt.
Following a confirmation from the Bitcoin network to your phone, you can then scan the code on the receipt at the kiosk, which then prompts the ATM to spit out the allotted amount of cash.
The machine is also equipped with a hand scanner that creates a biometric authenticated identity as an anti-money laundering measure.
Robocoin’s first Bitcoin ATM launched in Vancouver in October, and after a month of operation, transactions have totaled 1 million Canadian Dollars ($942,000) in total transactions.
At this point, it seems like they will be expanding to different countries. According to their release, they have sold over 50 ATM machines related to bitcoin.
Check out Robocoin’s website here:
Subscribe to our newsletter for the latest startup news, release, buzz, trends and interviews.