Singapore Shopping Mall Debuts Bitcoin ATM, Draws Impressive Queue

The launch of what operators called Asia's first public bitcoin ATM drew crowds on Friday.

AccessTimeIconMar 1, 2014 at 9:02 a.m. UTC
Updated Feb 21, 2023 at 3:42 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Singapore received its second official bitcoin ATM on 28th February when a Lamassu unit debuted at Citylink Mall.

With a retail space of 60,000 square feet, the country's first underground mall is not the largest to host a bitcoin ATM. But, the venue is still in a high-profile location that connects City Hall with local transit and hotels, which should help ensure its visibility.

Of the launch, Zann Kwan, executive director of Singapore-based Bitcoin Exchange Pte Ltd, the company operating the ATM, said she was "happy to bring this potentially groundbreaking technology to Asia and Singapore".

Kwan cited the launch as evidence of Singapore's fast-growing bitcoin community, and indicated that her company plans to install more bitcoin ATMs by the end 2014. In particular, she noted the group would continue to target public locations with a heavy traffic flow.

Singapore Bitcoin ATM
Singapore Bitcoin ATM

The bitcoin ATM, which the company said is "Asia's first public" ATM, will be open from 5am to midnight every day, local time.

Notably, the announcement comes just one day after Singapore-based ATM provider Tembusu Terminals revealed the country's first permanent bitcoin ATM.

About the launch

Bitcoin Exchange indicated that it helped promote the machine with a bitcoin giveaway, in what seems to be an increasingly popular tactic among groups launching bitcoin ATMs.

Zann said that the first 50 users would receive S$5 in cash and a paper wallet as part of the first-day giveaway that inspired long lines of interested users.

singapore-atm-queue

Still, the event hasn't been all positive. Redditors took issue with Bitcoin Exchange, as it did not comment on its fees. The company did not answer questions about its pricing online, but did provide a statement as to why the ATM requires fees.

"Doing this is actually harder than most people probably think. There is a reason this is one of the first public machines in Asia. [...] There are legal risks, price risk, technical risks and so on and of course hardware costs, rent and so on."

International expansion

Bitcoin Exchange indicated that though Singapore has been its initial focus, it is also exploring opportunities in its neighboring nations in Southeast Asia.

Still, despite the company's enthusiasm for the endeavor its market seems to have already been limited by the harsh stances taken by regulators in Vietnam and Thailand. Further, it remains unclear what actions Singapore will pursue regarding bitcoin regulation.

Image credit: Singapore skyline via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.