BTC China releases Picasso ATM web app

By VCPOST Staff Reporter

Apr 15, 2014 08:32 AM EDT

Chinese Bitcoin exchange BTC China has launched Picasso ATM, a new mobile and web app. The ATM app provides a way for users to exchange the cryptocurrency even when there is no ATM, according to TechCrunch.

BTC China chief executive officer (CEO) Bobby Lee said: "This is the very first of our services that even allows bitcoin interaction with a currency other than [renminbi]. Previously, this has served us well since we are more dominant in China, but now, we want to create products that cater to cryptocurrency enthusiasts worldwide."

The Picasso ATM is especially made for casual bitcoin users and businesses who are able to determine their own profit margins on the said currency. Users first have to load their currency into the company's Picasso Wallet. Then, they have to use the web app to sell it. Buyers of the currency will be able to confirm the deal via mobile, the report explained.

BTC China claims Picasso ATM does not need third-party regulation because it is a web app. Moreover, security confirmations are needed from both parties for an exchange to be completed. BTC China will be launching more products that will help facilitate the international use of bitcoin, TechCrunch reported.

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