After raving on Twitter for some time now, Umbrellab has finally revealed its bitcoin ATM destined to be the first for Dubai. A YouTube video post provides specific information on how the ATM functions.
Umbrellab is a software integration service provider. The company’s ATM is not yet ready for public use, but is destined to be Dubai’s first bitcoin ATM.
The verification process requires a user to input their mobile phone number, and allows for a daily limit of $500, which equates to 2,000 Durhams or approximately 1 BTC – by today’s market.
The machine is demonstrated in the video by Umbrellab’s co-founder, Tarik Kaddoumi. After putting in his cell number, the kiosk shows Kaddoumi the current exchange rate of bitcoin.
Similar to most bitcoin ATM styles, fiat currency can be fed into the machine. Kaddoumi inserts 100 Durhams, equivalent to $30, into the machine and taps verify to ‘OK’ the transaction. A few seconds later, he receives a receipt and a text verification that notifies him that there was account activity. A few more seconds later, the money arrives into his digital wallet.
This is a necessary safety measure, which takes a step in securing bitcoin transactions. It is a great way to identify if someone is attempting to steel bitcoins using one’s account information.
After performing a single transaction, a user’s phone becomes linked to their digital wallet address for convenience. Simplicity and efficiency are major selling points that can help the Dubai bitcoin community become more active in the digital coin realm. A location has not yet been announced as to where the ATM will be sanctioned, but Umbrellab will definitely find a populated area that can help it promote bitcoin awareness.
Japan’s First BTC ATM
In similar news, Japanese import company Raimu, looks to bring a line of bitcoin ATM’s to the land of the rising sun. Currently, the company has installed Japan’s first ever bitcoin ATM in Suzuka City. The investment in Japan’s first bitcoin ATM happens to be Raimu’s first bitcoin-related venture.
The new machine will allow Japanese residents to buy and sell bitcoins. All transactions will be denominated in the country’s local currency, and offer users paper receipts, just like Umbrellab’s model.
For more bitcoin news, stay tuned to CoinReport.