Canadian Startup has a Revolutionary Idea
Coinsquare, a Canadian-established cryptocurrency exchange has revealed a new revolutionary service during a press release meeting. This new service will allow for the transaction to alter traditional ATMs to sell Bitcoin & other cryptocurrencies. Coinsquare has already acquired the technology required to modify these bank machines.
This press release announcement comes a few weeks after it was revealed that Coinsquare now holds a majority controlling share in the United States startup, FinTech. The US-Based cryptocurrency firm created the technology required to allow clients to use ATMs to purchase, remove or deposit cryptocurrencies instantly. The technology would work with a “Crypto Card”, meaning that no additional hardware or applications need to be installed to these ATMs.
Coinsquare doesn’t want to create an exchange of their own; they also want to revolutionize how cryptocurrency will be used and acquired in the future. Through this mainstream method, the majority of citizens worldwide would begin to accept and adopt crypto as a global currency. However, at the most, Coinsquare hasn’t indicated as to how many ATMs they are targeting for their first venture into Crypto-ATM. It’s expected that the company will first start their initiative in Canada and then begin providing their services worldwide.
The CEO of Coinsquare, Cole Diamond, commented during the press announcement by saying: “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.”
This press release comes directly after it was reported that Vancouver, one of the largest cities in Canada, is debating on banning ATMs that maintain Bitcoin services. This ban would be the result of money laundering concerns that the city has towards Bitcoin & Crypto. If Vancouver adopts the prohibition, then most likely other significant cities like Edmonton or Toronto will ban Crypto ATMs as well. Eventually, the ban could go nation-wide on a federal level. This would inevitably stop Coinsquare from being able to maintain these services for a prolonged period.