Residents of Macau now have access to a brand-spanking-new bitcoin vending machine by Genesis Coin of California brought into the region by Bitcoinnect, who will serve as the exclusive distributor of Genesis1 bitcoin vending kiosks in the Macau/Hong Kong area.
The first installation, which took place on Friday, opened in a jewelry store at the Sands Macau, a world-class, highly-related hotel in the area.
The Genesis1 kiosk has a high bank note capacity to deal with high demand. It’s capable of accepting 2,200 bank notes and dispensing 6,800 in a go. Transactions using the machine typically take a minute or less, Bitcoinnect says.
If needed, the device can be modified software-wise to have an SMS verification function, fingerprint scanner, identification card reader, and a high-definition camera in order to comply with local anti-money laundering (AML) and know your customer (KYC) regulations.
Bitcoinnect CEO Jase Leung has emphasized the great amount of effort it took to bring the first machine to Macau. A testing period of several months was reportedly undergone to test for stability and performance and to ensure a good user experience.
Leung cooperated with Mr. Matthew Ventura to make the first launch happen, a man who is said to have strong connections in the Macau area.
Bitcoinnect has also established a kiosk location management system that will protect operators of the kiosks from “destructive competition” with other operators in Macau. According to Leung, “Bitcoinnect will provide every assistance and closely cooperate with its operators to achieve synergy effect, so as to cope with the potential high demand of Bitcoin and Bitcoinnect in the future.”
At least three more kiosks are planned for launch in Macau by early July, and Genesis Coin CEO Evan Rose told NEWSBTC Friday afternoon that Bitcoinnect “has pretty large plans for Hong Kong [and] Macau.”
For additional information, visit: bitcoinatm.com.hk