News

Canada claims top billing as world's largest Bitcoin ATM market

Bitcoin exchange CaVirtEx goes live today in Toronto with six BitAccess-made machines in Gateway Newstands, and has big plans for many more installations to come.

August 12, 2014

Canadian Bitcoin exchange and services provider CaVirtEx has announced the launch today of six new Bitcoin ATMs in Toronto, saying that the deployment establishes Canada as the No. 1 nation for Bitcoin ATM installations.

The company plans to install four additional machines soon in the cities of Vancouver, Niagara, Ottawa and Halifax, according to a news release.

The machines, which CaVirtEx refers to as "Bitcoin teller machines" or BTMs, are built by Ottawa-based hardware and software provider BitAccess, and are capable of buying and selling up to CA$3,000 ($2,746) worth of Bitcoin virtual currency.

The six Toronto machines located at Gateway Newstands will help keep the 30-year-old business current, said VP Terry Samuels. “Our high traffic Gateway Newstands locations provide us the opportunity to innovatively step up to the plate.”

The Gateway units are connected directly to the CaVirtEx online trading exchange. All that's needed to buy Bitcoin instantly and in person with Canadian cash is a cell phone that accepts text messages. The user has the option of scanning a QR code with an existing Bitcoin wallet app on a smartphone, or receiving a paper-based wallet from the machine.

According to the release, CaVirtEx plans to continue working with BitAccess with a goal of installing BTMs in the 500-plus locations in the Gateway Newstands network.

“Launching these 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. “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.”