The first Bitcoin ATM in Singapore is installed

On February 27, 2014, Singapore saw the launch of its first Bitcoin ATM. Amid the chaos of the Mt.Gox shutdown, Singapore’s first Bitcoin vending machine opened for business, allowing residents in the city-state to exchange their cash for the virtual currency.
 

The Bitcoin ATM was installed in The Spiffy Dapper, a low-key cocktail bar in the city’s central business district. The machine was developed by Tembusu Terminals, a Singapore-based start-up. The 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 were charged a 5 percent transaction fee.
 

At the time, there were around 30 outlets – ranging from food stalls to electronics shops - in Singapore that accepted bitcoins. However, customers could not deposit bitcoins in exchange for cash yet – but the company said this function should soon be added. Tembusu aimed to install around 100 machines in retail outlets across the island by the end of the year.