Canadian Vending

Features Equipment Technology
CAVirtEx launches new BTMS to make Canada leader


August 14, 2014
By Canadian Vending

Topics
cavirtex

Aug. 13, 2014, Toronto – With the launch of six new
Bitcoin teller machines, or BTMs, in Toronto and four more to roll out across the country shortly, Canada
now has more BTMs than any other country.

cavirtex
A fleet of CAVirtEx Bitcoin Teller Machines ready to
roll out in Ontario.

Aug. 13, 2014, Toronto – With the launch of six new
Bitcoin teller machines, or BTMs, in Toronto and four more to roll out across the country shortly, Canada
now has more BTMs than any other country.

The fleet of BTMs are being released by Bitcoin exchange and service provider CAVirtEx (pronounced
see-eh-vir-tex). The
machines are located in high-traffic Gateway Newstands locations across the
Greater Toronto Area.

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The company plans to install an additional four machines in
Vancouver, the Niagara region, Ottawa and Halifax. CAVirtEx BTMs are capable of buying and
selling up to $3,000 Cdn worth of Bitcoin exclusively in the Canadian
marketplace. The machines are built by Ottawa-based hardware and software
provider BitAccess.

“Launching these Bitcoin Teller Machines in Canada is a
significant milestone that will let anyone with a cellphone and cash buy
Bitcoins instantly” said Joseph David, CEO of CAVirtEx, in a media statement. “It’s a big first step
working with BitAccess and Gateway Newstands, and as demand increases we plan
to install more BTMs across the country. 

Since the emergence of Bitcoin, the world’s first
decentralized digital currency, Canadian businesses have played an important
role establishing cryptocurrencies as a viable option for merchants and
consumers. In 2011, CAVirtEx began as a Calgary-based startup and Canada’s
first Bitcoin exchange. In just over three years the company has facilitated
more than $90 million in trading between early adopter Canadian merchants and
individuals. Developers of the latest of the company's BTMs, BitAccess, also began as a
Canadian tech startup and are now world leaders in BTM technology.

“We have been in business for 30 years and
even though we are well established, it is important to stay current” says
Samuels. “Our high traffic Gateway Newstands locations provide us the
opportunity to innovatively step up to the plate,” said Terry Samuels, vice-president of Gateway Newstands, of the partnership.

CAVirtEx has connected the new BTMs directly to their online
trading exchange to ensure users are getting the best price. In order to buy
Bitcoin instantly and in person with Canadian cash, the customer only needs a
cell phone that accepts text messages. Users then have the choice of scanning a
QR Code with an existing bitcoin wallet smartphone app or getting a paper
wallet from the machine. It plans to continue working with BitAccess with
intention of installing BTMs in the more than 500 locations in the Gateway
Newstands network.

Earlier this year, BitAccess installed the first BTM in
Toronto. Beyond the latest BTM fleet launched in Toronto BitAccess has
established machines in Ottawa, Montreal and most other major Canadian cities.
This makes Canada the top nation for BTMs in the world with more than 30
machines.

Bitcoin is a decentralized digital currency. Its
peer-to-peer payment system and currency was introduced as an open source
software in 2009, allowing users to pay for goods, services or transfer funds
without involving third parties or financial institutions.