BitOcean is a bitcoin startup company headquartered in Beijing. The company makes bitcoin ATMs. Find out everything you need to know about BitOcean today in our review.
What is BitOcean?
BitOcean, found online at BitOcean.co, is a bitcoin technology company that launched China’s first self-developed two-way bitcoin ATM machine.
The company’s ATMs are designed to compete with other leading bitcoin ATMs on the market.
Why are BitOcean’s ATMs “two way” ATMs? With BitOcean ATMs, you can buy and sell bitcoins. The ATMs also come with multi-currency support. Plus, they use compliance standards (including KYC/AML) to work with regulations in jurisdictions around the world.
Right now, BitOcean is focusing on the Asian marketplace. In the future, however, the company plans to launch its ATMs worldwide. Today, you can order kiosks anywhere in the world.
The company began developing ATMs in 2013.
How Do BitOcean ATMs Work?
BitOcean calls its ATMs “Bitcoin Teller Kiosks”. The kiosks all work in a similar way. You walk up to the ATM-shaped device, then choose your language (Chinese, English, and Japanese are all available).
The machines offer a similar experience to what you would find at any bank. Over the years, BitOcean has continuously upgraded its kiosks with faster speeds, better safety, better security, and faster withdrawals. Right now, you can walk up to an BitOcean kiosk and withdraw your money in 30 seconds – so you no longer have to wait 10 minutes for your bitcoin withdrawal to be processed. Deposits are processed in as little as 15 seconds.
Overall, BitOcean claims to offer “bank level” security at its kiosks. The company created their kiosks in partnership with a manufacturer that creates ATMs for banks around the world.
Another unique thing about BitOcean is that operators can connect to major exchanges via APIs. So you can setup a kiosk to work with a particular exchange.
Transaction confirmations are available through email, SMS, or telephone. The kiosks also offer paper wallet printing.
As mentioned above, BitOcean’s kiosks comply with security standards like know your customer (KYC) and anti-money laundering (AML), making them a viable option in jurisdictions around the world. BitOcean’s AML and KYC protocols are powered by Jumio.
Typically, bitcoin ATMs are priced at around $5,000 on the cheaper end (like Lamassu) and $15,000 on the more expensive end (like Robocoin).
BitOcean is priced right in the middle at around $10,000 USD per unit. You’ll need to pay extra fees for local or international deliveries. If you want an extra cashbox capable of holding 1,000 extra bills/notes, then you can add $500 to your order.
BitOcean advertises all of the following features on its ATM:
- Better after-sale service via DAC system with 24/7 support
- Bank-level hardware system for efficient and secure service
- Stable and safe embedded software created by a professional ATM manufacturer
- Zero licensing fees for all transactions
- Multi-function dashboard to provide a better user experience, including better real-time control and alerts sent through SMS/email
- 15 seconds for transaction processing, including 30 second withdrawal times
- Professional AML/KYC solutions for full compliance with regulations and requests
- HD large LCD screen that allows for the placement of customized logos and advertisements
- Multilingual operation system available in Chinese, English, or Japanese
- Supports multiple currencies
- Supports verification via telephone, SMS, and email
- Paper wallet generator
- Extensive cashbox capable of fitting 1200 notes (standard configuration) or 4000 notes (maximum capacity); you can also purchase an additional cashbox for $500
API available to connect the kiosk to main cryptocurrency exchanges
BitOcean Tech Specs
Some of the key technical specifications behind BitOcean include:
- Dimensions: 1766mm (H) x 587mm (W) x 560mm (L)
- Weight: 60kg
- Domestic Shipping: Wooden Container (2100mm x 800mm x 700mm)
- International Shipping: Vacuum Packaging (2000mm x 700mm x 600mm)
- Cash Box: An additional cash box is available for $500 USD (each cash box fits 1000 bills/notes)
BitOcean is officially registered at BitOcean Technology Development Co Ltd. The company was founded in 2013 by Xiaoning Nan. They’re based in Beijing, but also have operations in Japan.
Other key members of the BitOcean team include Yan Pu (Co-Founder) and Hanson Hong (Co-Founder). You can contact the company by email at [email protected]
BitOcean is a two way bitcoin ATM available in Asian markets. As a two way bitcoin ATM, a BitOcean kiosk lets you buy and sell bitcoin. The ATM features APIs you can use to connect to major exchanges. There’s also a large display where you can add your brand. Other key features include paper wallets, KYC/AML support, multi-currency support, and multi-language support (in Chinese, Japanese, and English).
BitOcean kiosks are priced in the mid-range of bitcoin ATMs. They’re not the cheapest, nor are they the most expensive. You can expect to pay about $10,000 before shipping.
You can learn more about BitOcean bitcoin ATMs by visiting the company online today at BitOcean.co.