GenesisCoin is releasing its second-gen Bitcoin ATM. Priced at $7,500, at about half the price, the Satoshi1 offers one way Cash->Bitcoin, Cash->Litecoin, Cash->Dogecoin transactions. This machine has been specially designed to meet all international guidelines for AML/KYC with high grade network encryption, and it even features an optional fingerprint sensor to be required at the merchant’s discretion. As well as its new Satoshi1 system, GenesisCoin offers another machine at $14,500 that offers two-way transactions from Cash<->Bitcoin, Cash<->Litecoin, Cash<->Dogecoin. What’s so special about this ATM in comparison to other manufacturer’s alternatives (Robocoin, Lamassu) on the market, you might be asking. Well unlike other ATM’s, the Satoshi1 allows for merchants to customize their user’s experience on the ATM entirely on its large 21 inch screen. From advertisement space, to showing off your brand, the Satoshi1, has you covered. GenesisCoin has developed its own software specially designed for easy use and merchant customizability, for which all ATMs will receive free updates for life. All of the backend processes though, are handled by the ATM itself including the buy/sell prices and the exchange data. The Satoshi1 is aimed to bring the ability to truly allow its unique brand to shine by delivering new technology and the ability to maximize its profits. I have an exclusive interview with Evan Rose, the President and CEO of GenesisCoin, here to give you all some more in-depth information about his company and his plans for the future!
Q. When did you start your company, GenesisCoin, and what goal did you have in mind by doing so?
A. Genesis Coin formally started in April of 2013 (I demoed our fully-functional 2-way ATM in May of 2013, see: https://www.youtube.com/watch?v=yqmD36JEKWI), with the goal of producing innovative software for the crypto-currency industry. Our core focus is currently on the emerging physical infrastructure market — kiosks and 2-way ATMs — but I ultimately view that as just the beginning, hence the name Genesis. In part, I was looking to create a Bitcoin-based revenue stream, and so we keep as much of our profit in Bitcoin as possible
Q. I see you have just recently released your Genesis1 ATM, who will you guys be targeting with your ATMs?
A. The Genesis1 is designed for the business-oriented operator, who is interested in maximizing the return on their time and investment while simultaneously providing much-needed liquidity and infrastructure to the “tangible” crypto-currency world. Our operators are as diverse as you would expect, given the very broad-based appeal that Bitcoin engenders. Young entrepreneurs and seasoned veterans alike have purchased and deployed the Genesis1. Ultimately, we are targeting people who understand the vision and power of this new technology: to create a world without financial borders, where merchants & consumers from all across the globe can interact with ease.
Q. Will consumers, not completely interested in Bitcoin, be able to use your ATMs for say, other crypto currencies
A. Absolutely. In following with our goal of maximizing our operators’ revenue stream, we’ve already added support for Litecoin and Dogecoin to our software. We will continue to add support for additional crypto-currencies as our operators and their customers request it. Currently, operators have the choice of enabling or disabling the alt-coin support very easily in the backend, and we by no means require an operator to provide services for any coins.
Q. Will the ATM use a set exchange or will prices be set by the manager of the ATM?
A. The entire experience on the Genesis1, from branding and logos to prices and exchange options, is entirely set by the operator. We provide the platform, but otherwise play no part in the configuration or day to day operations of the business.
Q. Are there currently any spots where this ATM is available, and will they only be available in the US?
A. We’ve sold 18 ATMs total so far, have delivered 11, and have 6 actively operational*
Q. Do you have any other plans to make any other products under the GenesisCoin name in the future?
A. We are on the cusp of “officially” announcing our first 1-way only unit, codenamed “Satoshi1” which will cost $7,500 and run on the same exact software platform as the Genesis1, minus cash withdrawal functionality. The production model will come stock with one bill acceptor, but can accommodate up to two potentially supporting cash-in of two different currencies simultaneously. It also features a 21” screen which provides ample space for branding, customization, or even advertising.
Q. What advantages does your ATM have over others like Robocoin, LocalBitcoins?
A. I’ve been told we have the best backend management interface in the industry, and we are extremely open to custom implementations and focus on agile development. Do you run your own exchange? Give us an API, and we’ll integrate it. The flagship Genesis1 offers 2-way functionality with bank-grade technology at a price almost 30% less than the competition. Our approach to operations are also quite different — we are not interested in building Genesis Coin as a crypto-kiosk brand. We view ourselves as a software company creating solutions for other companies to build and market their own unique brands.
*Soon you will be able to find Genesis1 and Satoshi1 ATMs all over the place, but for now, some places where the Genesis1 can be found around the world:
- 2 at Tijuana’s BIT Center (www.Bitcoin42.com)
- 1 at Auberge Amerik Hotel in Quebec City (www.bit2bloc.net)
- 1 at West Coast Float in Whistler (www.logicoins.org)
- 1 in Brisbane, installed and will be ‘officially’ live shortly! (http://bit2bit.co/)
- 1 in Cyber Port, Hong Kong (www.Coinnect.Asia, currently by appointment only).