Singapore Bitcoin ATM Startup Tembusu Gets $300,000 Seed Funding
Just a little over a week after launching its first Bitcoin ATM in Singapore, Tembusu announced that they have received S$300,000 (US$237,000) in seed funding, which put the company’s valuation at S$5 million (US$4 million). This would give the undisclosed investors 6 percent equity stake in the company.
Company spokesman Jarrod Luo said the funding will “fulfil its outstanding machine orders in a timely fashion”, including stockpiling raw materials and adding additional staffs.
Tembusu launced the first Bitcoin in Singapore, right before Bitcoin Exchange launch a Lamassu Bitcoin ATM in a shopping mall. Another local company by the name of Numoni launched four Bitcoin ATM in the same week.
The Tembusu ATM is located at a cocktail bar in Singapore’s Boat Quay district called The Spiffy Dapper.