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Singapore, March 24, 2014: In the push to bring Bitcoin mainstream, local Bitcoin broker Coin Republic launched the first cash out capable Bitcoin vending machine in Singapore.
Located at the Bitcoin accepting restaurant Bartini Kitchen (29 Boon Tat Street) this brings the total number of Bitcoin vending machines on the island to 8. The 7 other machines are cash-in only.
A Convenient Way to Sell or Buy Bitcoin
“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”, says David Moskowitz of Coin Republic.
In addition to allowing you to sell your bitcoin, you can also use the machine to purchase bitcoin, sending them to your existing wallet, or it can create a paper wallet for you.
The machine is made by Robocoin, a US based company, and owned by Bitcoiniacs from Canada. Singapore based Coin Republic is handling the local operation of the machine.
Ready for Know Your Customer Regulations
The Robocoin machine has several KYC features already built in, such as an ID scanner and palm vein reader. “As soon as MAS lets us know exactly what the KYC requirements are, we’ll be able to turn on those features”, says Moskowitz.
Despite the recent collapse of Mt.Gox, upcoming regulations, and difficulty building banking relationships, Bitcoin businesses in Singapore are steadily moving ahead with developing the infrastructure needed for this innovative technology.