Canadian Firm Plans to Upgrade Millions of ATMs to Sell Bitcoin

The Chief Executive Officer at Coinsquare, Cole Diamond stated that the new project shows the company’s goal of bringing mainstream adoption to the crypto industry. He then said that with the ability to buy crypto through ATMs, the virtual currency will “finally reach the masses.”

Even though the number of ATMs that the company is hoping to upgrade was not revealed, it doesn’t affect its ability to start providing crypto capabilities for millions of existing ATMs all over the world.

Diamond further said that:“By using the millions of existing ATMs around the world, we can now bridge the gap and give new users the easiest and most familiar experience to purchase cryptocurrency. Bitcoin is new and unfamiliar to many, but ATMs are not.”

The new development comes after a report in Vancouver, Canada revealed that it is considering placing a ban on specialised bitcoin ATMs (BTMs) because of money laundering issues.

Kennedy Stewart, the mayor of Vancouver reportedly suggested the placement of ban on bitcoin ATMs due to the rise in the number of money laundering cases.

For instance, criminals could buy a bitcoin ATM for their own use just for a few thousand dollars, and then store their cash into that ATM “as many times as required” to profit from or eliminate the transaction fees.

source: https://coindoo.com/canadian-firm-plans-to-upgrade-millions-of-atms-to-sell-bitcoin/

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