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BitOcean Releases Two-Way Bitcoin ATM to Compete with Market Leaders

(@southtopia) | Published on September 21, 2014 at 14:35 BST

BitOcean title page

BitOcean Technology Development Co Ltd has released China-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 comply with regulations in various jurisdictions.

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

"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 several 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.

The machines, which the company tested for two months prior to release, offer operators a "bank-level experience" in both hardware and software, he added. Improvements include faster processing times – 30 seconds for a withdrawal – and a new 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 machines 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
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) features 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 its 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 free-standing 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 standard cash box holds 1,200 bills, and one machine can hold three boxes.

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

Update: The table below, from BitOcean's website, claims to compare features of different bitcoin ATMs available in China. A Lamassu representative noted, however, that the company itself does not charge a license fee in any region.

BitOcean's table compares bitcoin ATM features
BitOcean website's ATM comparison table

Images courtesy of BitOcean

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