Having just launched a bitcoin ATM in Singapore, Tembusu has reportedly received nearly $237,000 USD in seed funding, according to a report published by bitcoin news website CoinDesk.
The money has come from undisclosed investors in the city-state for a near 6 percent equity stake in the company. This puts the company valuation at just over $4 million USD at the present time.
Company spokesman Jared Luo said they funding will be used to fill outstanding orders, stockpiling raw materials to build the machines, and adding additional staff members.
The Tembusu bitcoin ATM made its debut last week along with a number of other bitcoin ATMs in Singapore. It’s a one-way device, meaning it will only dispense bitcoin in exchange for fiat (and not the other way around). With advanced anti-money laundering features like thumbprint and idnefication scanning, the device’s KYC (know-your-customer) security level can be customized according to local law.
The Tembusu ATM is located at The Spiffy Dapper, a cocktail bar in Singapore’s Boat Quay district.