Australian bitcoin hardware manufacturer Diamond Circle has suspended operations citing a lack of capital.The company, which launched Australia's first cashless ATM last year, is currently seeking a buyer for its wallet service, cloud hosted platform, NFC card technology, ATM network, hardware, bitcoin point-of-sale solution, data, trademarks and trade secrets, as well as the source code for all its platform components.Speaking to CoinDesk, Stephen Rowlison, CEO at Diamond Circle, said that the decision had been taken based on a "lack of capital to continue system upkeep".Rowlison added that it was a "tenuous situation for shareholders and creditors", but explained that the technological methods used meant there would be no impact to customers, as the company does not retain private keys to wallets.The CEO is expected to make an official announcement "within days", alerting users that the wallet service has been permanently suspended, after "ensuring that they have transferred their bitcoins to another wallet".

The company is currently considering offers, the CEO said, but specifics could not be revealed at this time.Previous Article 'Bad Blood' Between Ripple and Stellar Aired in Tell-All... Next Article Payments Processor ChainPay Launches to Challenge Coinbase,...Diamond Circle Ltd., an Australia-based manufacturer of bitcoin ATM machines and a developer of bitcoin services, will cease its free wallet service within seven days, according to company founder and CEO Stephen Rowlison.Rowlison advised users of the service to login to https//portal.diamondcircle.net and transfer bitcoins to another wallet.“We will make a statement concerning the purpose and reasons behind this decision within the next few days,” Rowlison said in an email.“Thank you for registering your card and we hope to bring you good news in the future on whether this service will be re-activated.” Diamond Circle provided a payment network for crypto-currency storage and exchange, according to its website, www.diamondcircle.net.

The company provided the hardware, software and service support for peer-to-peer money transfer in and out of personal bitcoin wallets.The company also offered a bitcoin debit card and a bitcoin point-of-sale device.In March 2014, CCN reported Diamond Circle developed the first cashless bitcoin ATM.The bitcoin ATM employs what is called near field communication (NFC), a set of communication standards that enables two devices to establish radio communication by bringing them into proximity with each other.ethereum markets redditTo buy bitcoin, the user uses a Visa or MasterCard branded ATM to buy a Diamond Circle debit card.sell bitcoin for audThe debit card costs $5 and can also function as an offline storage wallet.bitcoin us dollar kurs

Diamond Circle installed its bitcoin ATM at the Bluff Café, Burleigh Heads, by the Gold Coast’s Surfers Paradise in the state of Queensland Australia, according to an announcement in September 2014.The announcement said that by only supporting Visa and Mastercard for the purchase of bitcoin and cards, the bitcoin ATM reduces security threats.litecoin mining worth it 2013The bitcoin ATM also reduces the cost of holding cash, thus increasing margins and ongoing residual payments to distributors and owner/operators, the company noted.ethereum target 2017The machine accepts retail barcode scanners that allow consumers to check out purchases without operator assistance.bitcoin unicodeThe NFC debit cards are Apple SDK capabilities dependent on iPhone 6 which has NFC, the company noted.bitcoin math example

Diamond Circle also said it planned to sell card readers for use at gas stations, parking meters, mass transit including taxi cabs and by the local trader without a cash risk.Also read: First Intel Inside Bitcoin ATM In July of 2014, Diamond Circle announced it joined Fix8MT to develop a digital currency exchange trading technology for bitcoin.bitcoin football bettingThe announcement described Fix8 as “the fastest open source C++ FIX (financial information exchange) Protocol Framework.” The partnership aimed to develop a robust, high-performance execution platform using next generation open source FIX framework as well as other technologies.sc2 bitcoin openThe company’s main office is in Eagle Heights, Australia.It also has an office in Coventry in the United Kingdom under the name Diamond Circle UK Ltd.Bitcoin ATM maker Diamond Circle has installed its first kiosk at a cafe in Queensland, Australia.

The new unit is located at the Bluff Cafe at Burleigh Heads, a suburb of Gold Coast City.The company describes its machine, unveiled earlier this year, as the first "cashless bitcoin ATM" kiosk to hit the market.The Diamond Circle ATM works in conjunction with its bitcoin debit cards, which were announced last May.Despite their name, these cards are only compatible with the company’s machines, however, and can not be used as debit cards in the traditional sense.The system works by dispensing Diamond Circle cards, which cost $5 and each contain a bitcoin wallet.As well as dispensing cards, the ATM can also be used to top up and check users’ bitcoin balances.The company says its debit cards are linked to users’ credit cards at local exchange rates, allowing for instant bitcoin purchases.It added in a statement: “Unlike other bitcoin ATMs, the machine only supports Visa and MasterCard for the purchase of bitcoin and cards thus, reducing security threats, the cost of holding cash, thus increasing margins and ongoing residual payments to distributors and owner/operators.” The platform is also designed to reduce the risk of chargebacks and can comply with different AML/KYC requirements depending on its jurisdiction.

The company is also working on a new feature that could be used to perform remittances, as well as new NFC enabled point of sale systems.Diamond Circle's remittance function will allow users to send bitcoins to anyone via SMS text message.The company says the cards feature Apple SDK compatibility and at some point they could also use NFC on Apple devices.For the time being, however, Apple’s NFC functionality is limited to Apple Pay.The company added that it will shortly begin work on new point of sale (POS) applications which will allow bitcoin purchases and balance checking from a wide range of NFC enabled devices, including Android phones, online gateways and corporate wallets.It also announced plans to sell card readers which can be used at gas stations, parking meters, mass transit services, taxi cabs and by the local merchants.Of course, this is not the first bitcoin ATM in Australia.A number of establishments have installed similar machines this year and as many as a third of Lamassu's ATMs shipping in late 2013 were headed to Australia.