Canadian virtual currency exchange VirtEx announces plan for bitcoin ATM network

Home » Canadian virtual currency exchange VirtEx announces plan for bitcoin ATM network
VirtEx logo

VirtEx logo

In a message to customers released yesterday, Calgary-based virtual currency exchange VirtEx announced new plans to create a network of bitcoin ATMS across Canada. The company also announced an in-person bitcoin deposit and bill-payment option powered by U.S. payday-loan/check cashing/cash-for-gold service Money Mart. Although there is no specific timeline for the launch of the ATM network, VirtEx Business Development Manager Reed Holmes told CoinDesk that in-person payments are expected to start “soon.”

VirtEx has offered the in-person options before, although it was discontinued due to customer-verification issues in September of last year. Customers hoping to use the service will need to have verified VirtEx accounts, and generate an invoice via the website. Money Mart will then process the invoice and accept the deposit, completing the transaction via their merchant account. Accounts are subject to daily deposit limit of CA$9,500 per day, and monthly maximum of CA$90,000.

The bitcoin-ATM project appears to be in the early planning stages, with no specific numbers of ATMs or locations named. The company has yet to decide on an ATM provider, and no timeline for when the network will launch. Canada is already well ahead of the curve when it comes to bitcoin ATM adoption, launching the first public machine at a Vancouver coffee shop in October of last year.

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