UPDATE (27th July 16:31 BST): Updated with statements from Peter Klamka, managing partner of Bitcoin Direct.

The man behind a Mike Tyson-branded bitcoin ATM in Las Vegas has defended the initiative after accusations it was a scam surfaced today.

This weekend, the ex-heavyweight champion of the world tweeted to his 4.89 million followers that the ATM would be "Changing the way we get change".

With a launch date of 30th August, the machine promised to offer cash-to-bitcoin services in under 20 seconds, 10 seconds faster than Iron Mike's knockout record.

Coming soon... http://t.co/Blf592VtUW... Changing the way we get change.

— Mike Tyson (@MikeTyson) July 25, 2015

While some hailed the news as good PR for bitcoin, questions about the legitimacy of the project soon surfaced following a closer look at the site's domain owner, Peter Klamka, and the project's partner, Bitcoin Direct LLC.

SiliconANGLE reporter Duncan Riley noted the patchy internet trail of Klamka's firm Bitcoin Brands Inc, an over-the-counter (OTC) stock with a market cap of just $6,780 and no visible product offerings.

Unlike stocks which appear on NASDAQ or the NYSE, OTC stocks – which involve small companies – are unlisted, which can make it difficult to find details about them.

For Riley, this suggested the ATM had the potential to be a scam at Tyson's expense.

Speaking to CoinDesk, Klamka strongly refuted these statements. Under the condition they would not be shared, he supplied three images of the branded ATMs, one showing the Vegas skyline, which he maintained were ready to be launched at any time. Additionally, he told CoinDesk that Tyson has an "even split" of equity due to the way the license is structured.

Meanwhile, Bitcoin Brands – which Klamka maintains is not affiliated with his work with Tyson – currently operates two ATMs, one in New York and another in Montreal.

"We are not seeking anything other than to get the word out about the coolest way to buy bitcoin," he added.

According to Nevada records, Bitcoin Direct LLC filed only four months ago, in April 2015. The company, which bills itself as a "bitcoin transaction solutions provider" in its press materials, owns two General Bytes ATMs in the Vegas area, Tyson's home, one in a mixed martial arts centre and another in a cigar shop.

The company has links to another OTC traded company, beef supplier Conexus Cattle Corp, who bought a controlling stake in May. However, Klamka maintains that is where the relationship ends. "They are a financing partner ... maybe tomorrow it will be a different entity, maybe not," he said.

The reason why the company has no online presence, Klamka said, was due to the fact it had been set up purely for "celebrity bitcoin licensing" opportunities. He pointed to various celebrity deals he had made in the past, including a KISS-branded visa card and a Hello Kitty pre-paid debit and credit card. The Tyson ATM, he said, would be the ex-champion's "George Foreman grill".