Singapore’s first bitcoin ATM opens for business

Amid the chaos of the Mt.Gox shutdown, Singapore’s first bitcoin vending machine opened for business on Thursday, allowing residents in the city-state to exchange their cash for the virtual currency.

Installed in The Spiffy Dapper, a low-key cocktail bar in the city’s central business district, the bitcoin automated tele-exchange machine (ATM) is also claimed to be the first in Asia, according to Tembusu Terminals – the Singapore-based start-up behind the machine.

The Tembusu ATM, which accepts as little as S$2 (US$1.50), dispenses a piece of paper with a QR code. The code can be scanned by a mobile app, after which bitcoins are deposited into the user’s account. Customers are charged a 5 percent transaction fee.