Quebec's first Bitcoin ATM opens in Montreal
MONTREAL, Feb. 5, 2014 /CNW Telbec/ - Fadi Azouz, President of Vx5 Technologies, is proud to announce the launch of Montreal's first ATM for purchasing bitcoins. Azouz is the sole owner/operator of the ATM, which is located at the Bitcoin Embassy. Machines of this kind have quickly grown in popularity throughout the world and their debut in Montreal further strengthens the city's position as a hub for innovation and technological development.
Since its creation five years ago, Bitcoin's appeal has increased tremendously. Bitcoin is a peer-to-peer payment system that uses cryptography to secure the transfer of value, instantly managing transactions, without the input of a third party.
This unique type of ATM offers Bitcoin enthusiasts and new users the ability to quickly and effectively purchase bitcoins. This process reduces the challenges often associated with purchasing bitcoins online, which can take up to several weeks, and greatly improves accessibility.
"Over the next year, Vx5 Technologies plans to install ATMs in more than 10 cities around the world, in countries such as Lebanon, the Philippines, Hungary and Venezuela," said Fadi Azouz, who will rely on the BTM brand, which makes use of the latest in Canadian technology, to expand to these markets.
The Bitcoin Embassy is pleased to collaborate with Vx5 Technologies to host Montreal's first Bitcoin ATM. The Bitcoin Embassy's offices are spread over 14,000-square feet in the heart of downtown Montreal. The space includes an incubator to help grow Bitcoin startups and it also acts as an educational hub with frequent workshops and meetups.
"We are pleased to welcome the first Bitcoin ATM in Montreal," said Guillaume Babin-Tremblay, Executive Director of the Bitcoin Embassy. "Offering a service that makes it easier to purchase bitcoins is a logical step forward for our organization. Montreal is quickly becoming an internationally renowned Bitcoin hub and we have been pleasantly surprised by all the people who have been able to benefit from our services here at the Bitcoin Embassy."
This Bitcoin ATM is the fourth of its kind in the world and the first in Quebec. The first, which opened in Vancouver last October, saw over $1 million in transactions during its first 30 days of service.
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