Singapore-based Bitcoin Exchange launches Bitcoin Vending Machine at Citylink Mall
- Asia’s first Public Bitcoin Vending Machine
- The Company is Asia's first operator of Lamassu Bitcoin Vending Machine
Singapore, 28 February 2014 – Singapore-based firm Bitcoin Exchange Pte Ltd (“Bitcoin Exchange” or the “Company”) today launched Asia's first public Bitcoin Vending Machine at Citylink Mall at 1 Raffles Link. The Company is the first operator in Asia for the Lamussu Bitcoin Vending Machine.
The availability of Bitcoin Vending Machines has been making waves globally. This launch is a significant development in Singapore which has a fast-growing Bitcoin community. This 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. The Bitcoin community in Singapore is growing rapidly and bitcoin is an attractive payment option for e-commerce and in storefront shops alike. Bitcoins users do not have to pay financial intermediaries like banks transaction fees. This translate to cost savings for consumers. We are happy to bring this potentially groundbreaking technology to Asia and Singapore,” said Ms Zann Kwan, Executive Director of Bitcoin Exchange.
Located in basement one (#B1-K2) at Citylink Mall, the Bitcoin Vending Machine scans a Bitcoin QR code and send bitcoins to the users Bitcoin wallet, which could be a mobile wallet or a printed paper wallet.
Bitcoin Exchange has plans to install more Bitcoin Vending Machines 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,” added Ms Kwan.
The Company is also exploring opportunities to bring the machines to neighbouring countries in South East Asia.
"Bitcoin price volatility has been high, however as adoption grows and the technology matures, most people expect the price swings to moderate," according to Ms Kwan. There will be a launch party on site today at 7pm. The media and public are welcome to try out the machine. The first 50 users will receive S$5 in cash and a paper wallet as a way of introducing Bitcoin to Singapore. For media, please kindly contact Zann Kwan at [email protected] for your attendance.
This project is made possible with the help of Hongkong Land, the Lamassu team, and the Singapore Bitcoin community.
Bitcoin Exchange Pte. Ltd.