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OkiLaunches Bitcoin ATM

Bitcoin holders can withdraw local currency from their virtual wallets with new ATMs from Oki, which is targeting China and other emerging nations where the cryptocurrency is on the rise. The Recycler G8 debuts this month. It lets users link their online bitcoin wallets to the machine in order to withdraw funds based on the virtual currency’s market price, as well as deposit physical cash into their digital stashes. The Recycler G8 will also let users make charges to digital currencies, which are spreading in many countries. It can also be expanded with other functions, such as settling payment on invoices sent via smartphone. Features can be added according to the state of digital currency in a given country, or to what services a bank offers.

Besides China, where most bitcoin trading takes place, the company sees the ATM being used largely in other emerging economies. Oki has no plans to deploy the ATM back in Japan yet, given relatively quiet demand for bitcoin by financial institutions here. The ATM can also better identify different currencies than previous generations and even counts different countries’ bills inserted in the same batch. It can count 12 bills per second, 50% faster than older versions, thanks to increased reliability in such parts as the paper feed. The machine boasts stronger security amid public safety concerns in certain emerging economies and heightened cyberrisk. If damaged, it can render the bills inside unusable by marking them with a special ink. It is built to resist viruses that steal users’ card data and to nimbly deal with newer types of malware. Oki has no plans to deploy the ATM back in Japan yet.

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