BTC China, one of the world’s largest bitcoin exchanges by trading volume, released a new mobile-friendly Web app called the Picasso ATM today. The Picasso ATM allows users around the world to exchange the digital currency for cash without having to find a physical ATM.
To use Picasso ATM, bitcoin owners first load the currency into BTC China’s Picasso Wallet and then sell it through the Web app. Buyers can then immediately confirm transactions on their smartphones. The app is targeted at casual bitcoin users as well as businesses and store owners, who can set their own profit margins on the currency like owners of physical ATM machines.
Since Picasso ATM is a Web app and does not have to be downloaded onto smartphones, BTC China says it can avoid “third-party app store censorship or regulation.” It also requires security confirmations from both buyers and sellers before a transaction is completed.
The price of bitcoin, which is currently about $455.50, has plunged significantly since the beginning of the year thanks to several factors, including the fall of Mt.Gox and a series of legal crackdowns around the world, most notably in China. Though the price volatility has influenced its public perception, BTC China CEO Bobby Lee told me that it “does not affect bitcoin’s ultimate viability.”
The exchange will continue to launch new products to “encourage more international bitcoin use and facilitation,” Lee says.
“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.”