The ATM, developed by ABA Technology, enables customers to withdraw cash from their existing Bitcoin wallets but also lets them turn their real wallet into a virtual one. On first access, customers will have to provide appropriate identification and according to ABA representatives, theres a stringent verification process in place before Bitcoins can be traded. Afterwards, consumers need to provide their phone number, PIN and the palm of their hand to authenticate transactions.
The ATM has encryption security in place and fully complies with international regulations concerning unlawful transactions.
ABA Technology was created after the merger of Australian Bitcoins ATMs and Kryptocurrency Solutions, which was headed by Robert Masters, now a director of ABA Technology.
The company has a contract to import and operate ATM devices from US supplier RoboCoin among other manufacturers and it plans to set another Bitcoin ATM in Melbourne in the near future.
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