The Bitcoin Philippines Corporation formally launched the first two-way Bitcoin ATM in the Philippines on May 5. The Genesis1 is centrally located in the main lobby of the Sunette Tower Hotel in the heart of Manila’s financial district.

The Bitcoin ATM is currently online and processing bitcoin transactions and has been available to the public since the end of April, however, the official launch came more than a week later. The company has updated its Facebook followers on the status of the new ATM.

Open 24 hours, 7 days a week, the Bitcoin ATM was distributed by San Diego, California’s Genesis Inc., which, as the fourth largest Bitcoin ATM software developer, currently has a greater market share than Robocoin. The company has also provided Bitcoinnect with their ATM models.

As a software development company, Genesis focuses on solutions for Bitcoin ATM operators, with emphasis on Anti-Money Laundering and Know Your Customer options. Genesis markets an entirely white-label solution with barcode scanners, EMV card readers, optional fingerprint readers, a high definition camera and more.

Genesis machines have been specially designed to meet all international guidelines for AML/KYC, complete with a high grade network encryption. Alongside the Genesis1 two-way machine, Genesis offers the Satoshi1, a one-way (cash-in) Bitcoin ATM solution.

“The Genesis1 is designed for the business-oriented operator, who is interested in maximizing the return on their time and investment while simultaneously providing much-needed liquidity and infrastructure to the “tangible” crypto-currency world,” Genesis CEO Evan Rose told CCN.com.

The Bitcoin Philippines Corporation is a group of entrepreneurs, bankers, lawyers, and IT specialists who aim to become the leading authority on cryptocurrencies in the Philippines, educating the Filipino people on their potential.