In 2014, the largest Canadian bitcoin exchange back then (CAVIRTEX) attempted this feat by using ATMs manufactured by BitAccess, installing them in locations with a high amount of traffic by cooperating with Gateway Newstands, a franchise store. One notable location where one of these ATMs could be found is the famous tourist attraction, Niagara Falls. However, it was quickly removed in less than a month, and a similar fate faced the other ATMs installed in places like Toronto and Ottawa, which led to the company’s eventual bankruptcy. Even though the locations gave these ATMs a large visibility, their failure has been attributed to the fact that they were inadequately staffed and prone to malfunction, with little to no customer and technical support.
A year later, QuadrigaCX, a company that has since taken over CAVIRTEX’s spot of largest Canadian bitcoin exchange, takes on this challenge and explains that their plan will be different, and that its fate will also be different.
“We are excited to finally be bringing some functional and beautiful two-way bitcoin ATM machines to Canada,” said Gerald Cotten, CEO of QuadrigaCX.
He then described how the new BitXATM devices are one of the best ATMs on the market since they are extremely user friendly, easy to use and has a large 17-inch touchscreen. He also explained that the machines would be installed in small batches, to make sure that everything is working before continuing with their plan.
“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.”
QuadrigaCX has been responsible for installing the first Lamassu and Skyhook ATMs in Canada. Since then, they have placed more than 40 machines across the country. The new ATMs that will be installed will trade on the QuadrigaCX platform, just like the other machines that they have installed. They will also be modified so that users can directly deposit and withdraw fiat from their accounts at QuadrigaCX. Cotten expects that the first batch of the ATMs will be launched in Vancouver in early June, and as a starting promotion, there will be no fees for any trades.