Business 30 August 2018

Erik Gibbs

Major Canadian crypto ATM provider to add Bitcoin BCH support

A major supplier of cryptocurrency ATMs in Canada has announced that it will soon be adding support for Bitcoin Cash (BCH). Localcoin, which already operates more than 100 cryptocurrency ATMs across the country, is poised to embrace the world’s fasting growing digital currency in a move that will offer instant access to exchange Bitcoin BCH for fiat, as well as to purchase the cryptocurrency.

Localcoin is one of the fastest growing and largest ATM suppliers in Canada. It hopes to have close to 150 machines distributed in the near future and the inclusion of Bitcoin BCH is seen as a way to help propel the company forward. As part of the rollout, the company plans on holding a number of hosted events and launch parties to celebrate Bitcoin BCH integration into its machines.

The company, which was founded in 2016, has its roots in Toronto and has created partnerships with a number of corporate and franchise stores across the country. It currently has machines in Ontario, Quebec and British Columbia and has plans to expand into the U.S. and Asia, as well. As opposed to many crypto ATMs, Localcoin ATMs allow for the withdrawal of as much as CAD$9,995 in a single transaction, with no limit to the number of transactions possible.

Localcoin also allows users to purchase cryptocurrency using “Flexepin,” a prepaid voucher in Canada that offers the ability shop securely online. Flexepin vouchers can be purchased at brick-and-mortar retailers or online through the localcoinatm.com website.

An over-the-counter brokerage service is also available through the company’s Localcoin Capital arm. It allows for trading from CAD$1,000 to more than CAD$100,000. Localcoin Capital is a fully registered money services business (MSB) and it regulated by Fintrac.

As cryptocurrency continues to gain in popularity, crypto ATMs and credit cards have been areas that have seen significant growth this year. As of the most recent reports, there are now over 3,460 automatic tellers located around the world. The majority are located in North America, which has around 74% of the world count of crypto ATMs.

While the number is vastly small compared to the number of fiat ATMs, it is steadily climbing and the machines should be found in most major and medium-sized hubs within the next two to three years.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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