Canada’s largest Bitcoin exchange QuadrigaCX has announced an ambitious plan to create a Bitcoin ATM network all across the nation. The trading platform will install BitXATM Sumo PRO in all the major cities of the country.
Pertaining to this development, QuadrigaCX’s CEO Gerald Cotton said, “We are excited to finally be bringing some functional and beautiful two-way Bitcoin ATM machines to Canada.”
The company doesn’t plan to go overboard and install all the automated teller machines at once, instead, the machines will be dispatched in batches of five. Gerald expects the first batch of ATMs to be rolled out in early June in Vancouver. In an early promotional offer, users will not be charged for ATM operations.
The ATMs will operate on the QuadrigaCX platform and will allow users to directly deposit and withdraw cash from QuadrigaCX balances.
QuadrigaCX is not the first company committing to put numerous Bitcoin ATMs in Canada. In 2014, the then largest Bitcoin exchange in Canada CAVIRTEX attempted a similar rollout which ended in the company filing for bankruptcy. Even though CAVIRTEX gained prominence with its program, it did not have an adequate workforce necessary to upkeep the ATMs which led to its doom.
QuadrigaCX, on the other hand, is extremely confident of the research it has done for the challenging venture and promises that the company won’t meet the same fate as CAVIRTEX.
“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 credited with installing the first Lamassu and Skyhook ATMs in Canada.