Singapore bitcoin ATM producer Tembusu announced today it has closed its seed funding round and raised over S$300,000 (US$236,600), just one and a half weeks after launching its first machine and after the company itself was valued at S$5.1m (US$4.02m).
Company spokesman Jarrod Luo said the extra capital would form the bulk of the working capital the startup requires to “fulfil its outstanding machine orders in a timely fashion”, including stockpiling raw materials and expanding its team.
Tembusu was the first company to open a bitcoin ATM in Singapore, and it is also the first to design and manufacture its machines there. It is also Asia’s first home-grown bitcoin ATM producer, having just beaten South Korea’s Coinplug to launch by a couple of days.
March 12, 2014 at 01:03AM
