Toronto may soon claim the title for the Bitcoin ATM capital of the world, if CAVIRTEX has any say in the matter.
Today, the Calgary-based Bitcoin exchange and services provider announced it was rolling out six more Bitcoin Teller Machines (BTMs) across the Greater Toronto Area. According to CAVIRTEX, this will make Toronto the city with the largest number of BTMs in the world. Canada has more than 30 BTMs spread out over Toronto, Vancouver, Ottawa, and Montreal, with the world’s first BTM having landed in Vancouver in 2013.
While the new BTMs look like a lot like ATMs, they won’t be dispensing cash – instead, they’ll be able to buy and sell up to $3,000 in Bitcoin, the virtual cryptocurrency. The BTMs, which were built by Ottawa-based hardware maker BitAccess, will be housed inside different locations of Gateway Newstand convenience stores, and they’re directly connected to CAVIRTEX’s online trading exchange.
To make use of them, customers can either scan a QR code with a mobile app on their smartphones, or they can get a wallet printed on paper from the BTM. The eventual hope is for CAVIRTEX to be able to set up BTMs in all of Gateway Newstand’s 500-plus locations.
“Launching these new Bitcoin Teller Machines in Canada is a significant milestone that will let anyone with a cell phone and cash buy Bitcoins instantly,” said Joseph David, CEO of CAVIRTEX, in a statement. “It’s a big first step with our partners, BitAccess and Gateway Newstands, and as demand increases, we plan to install more BTMs across the country.”
CAVIRTEX, which was launched in 2011, has facilitated more than $90 million in trading between Canadian merchants and consumers. Aside from its exchange, it also offers merchant solutions, debit cards, and other Bitcoin-related services. BitAccess has ATMs located in 47 cities across 12 countries.