A Kyalami-based business has finally unveiled what is punted as Africa's first Bitcoin vending machine, following lengthy delays due to importing and strike action in SA's steel and engineering sector.
Tremendis Learning, an IT training and recruitment company, tried to launch the machine in May. Rolf Deppe, a partner at the company, says it was initially delayed at customs during the import process.
"The [other] major problem we had, is we only realised when it arrived that we needed a custom steel bracket to be made to fix it to the wall. As luck would have it, the steel strike started right as we ordered it, so that took another six weeks to manufacture," he says.
Following the strike, notes Deppe, the machine needed to be tested in a local environment, which led to further delays. The machine was officially unveiled on Saturday at MetroMan - a hair salon and life coaching centre.
Deppe says the Lamassu machine is connected to the BitStamp exchange, while it allows users to trade the currency by depositing cash into their Bitcoin wallets by scanning a QR code.
Zach Harvey, Lamassu's CEO, says the process should take "seconds" to complete. "The user walks up to the machine, presses start, scans in his or her Bitcoin address via QR code, inserts banknotes and presses send."
Slow start
According to Deppe, two to three people are making use of the machine every day since its launch on Saturday - which is in line with initial expectations. "For the next few months we intend using it more as an educational tool to inform the public."
SA has 34 companies which accept Bitcoin payments, according to Coinmap - a Web site that tracks and maps businesses using crypto currency. MetroMan is one of six companies using the currency in Gauteng, according to the site.
Harvey notes Lamassu's machines are now spread across five continents with the recent launch in SA, while the company has sold around 240 machines throughout 45 countries. "There are definitely centres of our popularity, such as Canada and Australia, but our reach is truly global.
"Among them are the United States, United Kingdom, Brazil, Mexico, Hong Kong, Taiwan, Singapore, Israel, Slovenia, Slovakia, Finland, Denmark, Estonia and now South Africa."
Share