BitOcean’s Two-Way Bitcoin ATMs May Speed Up Adoption in China

BitOcean, the Beijing based Bitcion ATM manufacturer is about to launch its two-way Bitcoin ATM. The Bitcoin ATMs (sometimes referred to as ‘BTM’) will allow both sides of the fiat to Bitcoin conversion, i.e., one can buy Bitcoin at these kiosks and also sell Bitcoin. BitOcean competes in a crowded space, but its CEO is confident that their ATMs can find a place and will be installed throughout the world.
Challenging Environment
Two of the biggest impediments to more widespread use of Bitcoin ATMs has been the uncertainty around regulations and the price of these machines. BitOcean’s ATMs come with features that can enable compliance based on different jurisdictions. In order to accomplish this, BitOcean is using Jumio as a service provider of this feature.
Operating out of China would be interesting, considering the Chinese government hasn’t looked too kindly upon Bitcoin and related ecosystem around it. The company doesn’t want to limit itself to China though, and would like to be an international presence.

This post was published at Coin Setter on Septemebr 22, 2014.