QuadrigaCX, the current largest bitcoin exchange in Canada has announced their plans to install two-way bitcoin ATMs developed by BitXatm in major cities throughout Canada, including Vancouver, Toronto and Montreal.
The company has completed an extensive research on all BTM (bitcoin ATMs) manufacturers in Canada. The CEO of QuadrigaCX, Gerald Cotton, stated:
“We’ve done our research. We know the owners of every major bitcoin ATM company. We have used many of them and spoken to previous owners. We have conducted extensive due diligence and feel as though our track record with regard to bitcoin ATM distribution across Canada will allow us to continue to provide a superior service.”
Mr. Cotten said that the BTMs of BitXatm are the most efficient, reliable and user-friendly bitcoin ATMs currently available on the market. He also highlighted the significance of the 17-inch touch screen and the multiple-layered security system of the machine.
Apart from the advantages in the user interface, the bitcoin ATM of BitXatm accepts payments in any cryptocurrency and any fiat currency. Since the BTMs will be installed in the centers of major cities, tourists will greatly benefit from these features, as they wouldn’t need to convert cash to Canadian dollars before purchasing the bitcoin through the BTMs.
The Failure of Cavirtex and the Solution of QuadrigaCX
QuadrigaCX clearly states that over-complicated bitcoin ATMs with unnecessary features are irrelevant, and explains that this was one of the major factors in the failure and the inevitable bankruptcy of the country’s former largest bitcoin exchange, Cavirtex.
Cavitex, the largest bitcoin exchange in 2014, attempted the same project with a different approach. The bitcoin exchange partnered with BitAccess to install paper-wallet generating and multicurrency BTMs in popular tourist spots in Canada, such as Niagara Falls. They also partnered with Gateway Newstands to install the BTMs in franchise stores. However, the BTMs of BitAccess were removed after a few months, and the BTMs were all sold at a substantially low value.
According to Cotton, QuadrigaCX understands the reasons and the factors that led Cavirtex to fail, and they know exactly how to maintain the services of BTMs in major cities of Canada in the future. QuadrigaCX, the world’s first publicly traded exchange, has plans to install the BTMs of BitXatm in batches of five in major cities in Canada to first test the machines’ operations and efficiency.
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