BitOcean Technology Development Co, Ltd has released Chinese-developed and -made bitcoin ATMs with a feature list designed to compete with popular existing products.

The new machines – the second generation developed by the Beijing-based company – are two-way kiosks, meaning they enable users to buy and sell bitcoins, with multi-currency support and compliance capabilities to match various jurisdictions.

BitOcean founder and CEO Xiaoning Nan told CoinDesk the company is involved in discussions with several buyer-operators. He said:

“Our major market is Asia now, because in this region we can provide the best tech support for all our customers and partners. But we would like to sell the BitOcean ATM all over the world.”

Comparing popular models

BitOcean installed its first machine in the landmark Wangjing Soho office and retail complex in Beijing. In the next few weeks the company will organize an event that invites customers to use its ATM alongside those by Robocoin and Lamassu, and compare experiences.

The customer screen interface is available in other languages including Chinese, English and Japanese. A video demonstration of the Chinese version is below.

Nan said the new ATMs offer more enhanced safety and functionality over the first generation, which BitOcean showcased at the Global Bitcoin Summit in Beijing in May.

He said the machines, which the company tested for two months prior to release, offer operators a “bank-level experience” in both hardware and software. Improvements include faster processing times – 30 seconds for a withdrawal – and a new multi-function online dashboard for operators.

“We updated the core part of the bill acceptor and cash box to be the best class of security that can avoid any error in [its] operation, and our manufacturer is a professional supplier of ATMs for banks.”

They allow for transaction confirmations via email, SMS or telephone and paper wallet printing. Operators can connect to major exchanges via APIs.


The BitOcean ATM in Beijing’s Wangjing Soho complex
On the hardware side, the second generation also includes know-your-customer (KYC) and anti-money-laundering (AML) facilities powered by Jumio, as well as extensible cash boxes holding up to 3,600 bills total. BitOcean will produce customized designs to suit individual customers’ needs.

Physical characteristics and price

BitOcean has priced their machine at $10,000 per unit, placing it mid-way between the popular Lamassu ($5,000) and Robocoin ($15,000) offerings. There are extra fees for local or international delivery.

The freestanding upright machines resemble those of ‘regular’ bank ATMs in shopping malls and bitcoin ATMs by Robocoin and genesiscoin. They stand 176cm tall and weigh 45kg. Each cash box holds 1,200 bills, and one machine can hold three boxes.

There is a printer for paper wallets and BitOcean said all internal parts are easily accessible for service.

BitOcean’s table compares bitcoin ATM features
Images courtesy of BitOcean

brought to you by CoinDesk Jon Southurst Sun, 21 Sep 2014 13:35:55 +0000