Asia’s First Bitcoin ATM Tembusu Terminals Pte Ltd launches 2nd machine, brings Singapore count to 8: Eclat Office Club
Tembusu Terminals, founded by Andras, Peter and Jarrod, have managed to place their second machine at Eclat Office Club on Mohamed Sultan Road in Singapore.
This also brings the bitcoin atm count in singapore to 8, run by 4 operators. Singapore is known for beating Hong Kong to the race for this, although Hong Kong has their first brick and mortar stall.
Tembusu is known to have been the first Bitcoin ATM in Asia, beating ANX, and is also domestic, being designed and made in Singapore. It has since been closely followed by Numoni (also Singapore), Hong Kong’s ANX, Singapore’s Lamassu (Bitcoinexchange), South Korea’s domestic ATM (2way), and Bitcoiniacs-Coinrepublic’s First Asia Robocoin (2way).
It has been quite the heated ATM race in Asia.
Singapore’s Business Times’ Joyce Hooi reports that there is no current plans to implement 2 way functions for Tembusu until future regulations settle.
Even so, the firm is not in a hurry to introduce two-way machines, given how the rules are being written even as the bitcoin industry develops at breakneck speed.
Jarrod Luo, one of Tembusu’s founders, told The Business Times: “We are still being briefed by our regulatory team and talking to MAS . . . We don’t want to open ourselves up to the possibility of regulatory backlash if we haven’t done our research right.”
All in all, this is looking to be a very exciting round for the Asian bitcoin scene.
Tembusu Terminals however looks to be ready for the new challenges, with their $300,000 financing round and a hefty $5 million valuation. It would be good if they are to strike out many other firsts for Asia and Singapore along the way!