The first Bitcoin ATM in China launches

BTC China, one of the country’s leading Bitcoin exchanges, made significant strides by introducing both a physical Bitcoin ATM and an online app called “Picasso ATM”.
 

The physical Bitcoin ATM was installed at the IC Coffee Shop in Shanghai’s Pudong Zhangjiang Hi-tech Park. Users could buy Bitcoin directly from the exchange by inserting Chinese yuan (CNY) into the machine. Unlike traditional ATMs, users could not withdraw cash from this Bitcoin ATM.
 

BTC China launched the Picasso ATM, a web-based app, which allowed anyone with a smartphone to become a “walking Bitcoin ATM”. Sellers could use the app to upload and sell Bitcoin nearly anywhere in the world, in a range of major currencies, without investing in expensive hardware. If the receiver was not a BTC China customer, the Bitcoins could be sent to any mobile number worldwide. The receiver would then be invited to sign up for a BTC China wallet to receive and store the Bitcoins. Since transactions took place within BTC China’s system, there were no QR codes to scan, and transfers were instant. The Picasso ATM interface lowered the barrier to entry for anyone considering investing in physical Bitcoin ATMs.