BitOcean Introduced Next Generation of Its Bitcoin ATMs

| Updated
by Polina Chernykh · 2 min read

BitOcean presented the second generation of its ATMs for selling and buying bitcoins.

BitOcean Technology Development Co, Ltd announced that it has launched its new bitcoin ATMs. The machines feature a multi-currency support and include compliance capabilities in order to meet various jurisdictions. The two-way kiosks, developed by Beijing-headquartered company, will be able to compete with other existing products.

Xiaoning Nan, BitOcean founder and CEO, told CoinDesk the company is currently negotiating 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.”

The first ATM, developed by BitOcean, was established in the Wangjing Soho complex in Beijing. The firm is going to hold a meeting in the next weeks that will invite customers to use its machines and compare it with Lamassu and Robocin ones.

According to Nan, new ATMs are more functional and safe if compared to the previous generation, which was presented at the Global Bitcoin Summit in May in China. The interface is available in English, Chinese and Japanese languages.

The company carried out the testing of new machines before their release. BitOcean accelerated processing time of the withdrawal, which now takes only 30 seconds. Besides, ATMs include improved multi-function online dashboard for operators.

Nan said: “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.”

The transactions can be confirmed via SMS, email, paper wallet printing or telephone. Operators can connect with main exchanges through APIs.

The next-generation of ATMs is equipped with know-your-customer (KYC) and anti-money-laundering (AML) facilities, along with cash boxes that hold up to 3,600 bills. The company will also make customized designs to meet customers’ requirements.

The price of the machines amounts to $10,000 per each unit. In comparison, Lamassu ATMs are estimated at $5,000 and Robocoin ones are valued at $15,000 per unit. Local and international delivery includes extra fees.

The machines are similar to bank ATMs in shopping centres and bitcoin ATMs of genesiscoin and Robocoin. Their height is 176 cm and weigh is 45 kg. One machine can hold three cash boxes and each box can hold 1,200 bills.

According to BitOcean, ATM’s internal parts, which include printer for paper wallets, can be easily accessed.

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Polina Chernykh

Polina is an undergraduate student at Belarusian State Economic University (BSEU) where she is studying at the faculty of International Business Communication for a degree specializing in Intercultural Communication. In her spare time she enjoys drawing, music and travelling.