Canada Becomes Global Leader in Bitcoin Teller Machines (BTMs)

TORONTO, ONTARIO--(Marketwired - Aug. 13, 2014) -

Editors Note: There is a photo associated with this release. A photo for this release will be available on the Canadian Press picture wire via Marketwired.

With today's launch of six new BTMs in Toronto and four more to roll out across the country shortly, Canada now has more BTMs than anywhere else on the planet.

The fleet of BTMs are being released by CAVIRTEX (pronounced see-eh-vir-tex) - Canada's largest Bitcoin exchange and service provider. The machines are located in high-traffic Gateway Newstands locations across the Greater Toronto Area. CAVIRTEX plans to install an additional four machines in Vancouver, Niagara, Ottawa and Halifax. CAVIRTEX BTMs are capable of buying and selling up to 3,000 CAD worth of Bitcoin exclusively in the Canadian marketplace. The machines are built by Ottawa-based hardware and software provider BitAccess.

"Launching these Bitcoin Teller Machines in Canada is a significant milestone that will let anyone with a cell phone and cash buy Bitcoins instantly" says Joseph David, CEO of CAVIRTEX. "It's a big first step working with BitAccess and Gateway Newstands, and as demand increases we plan to install more BTMs across the country."

Since the emergence of Bitcoin, the world's first decentralized digital currency, Canadian businesses have played an important role establishing cryptocurrencies as a viable option for merchants and consumers. In 2011, CAVIRTEX began as a Calgary-based start-up and Canada's first Bitcoin exchange. In just over three years the company has facilitated more than $90 million in trading between early adopter Canadian merchants and individuals. Developers of the latest CAVIRTEX BTMs, BitAccess, also began as a Canadian tech start-up and are now world leaders in BTM technology.

Terry Samuels, Vice President Gateway Newstands, commented on the forward-thinking partnership. "We have been in business for 30 years and even though we are well established, it is important to stay current" says Samuels. "Our high traffic Gateway Newstands locations provide us the opportunity to innovatively step up to the plate."

CAVIRTEX has connected the new BTMs directly to their online trading exchange to ensure users are getting the best price. In order to buy Bitcoin instantly and in person with Canadian cash, the customer only needs a cell phone that accepts text messages. Users then have the choice of scanning a QR Code with an existing bitcoin wallet smartphone app or getting a paper wallet from the machine. CAVIRTEX plans to continue working with BitAccess with intention of installing BTMs in the more than 500 locations in the Gateway Newstands network.

Earlier this year, BitAccess installed the first BTM in Toronto. Beyond the latest BTM fleet launched in Toronto BitAccess has established machines in Ottawa, Montreal and most other major Canadian cities. This makes Canada the top nation for BTMs in the world with more than 30 machines.

Bitcoin is a decentralized digital currency. Its peer-to-peer payment system and currency was introduced as an open source software in 2009, allowing users to pay for goods, services or transfer funds without involving third parties or financial institutions.

About CAVIRTEX - Canadian Virtual Exchange:

CAVIRTEX is Canada's first and largest full service Bitcoin exchange. In its three years of operation, CAVIRTEX has facilitated over $90 Million in trading between individuals, merchants, and Bitcoin ATMs (BTMs). In addition to being an exchange, CAVIRTEX offers merchant solutions, debit cards and BTM services. For more information about CAVIRTEX go to www.cavirtex.com

About BitAccess:

BitAccess builds Bitcoin Teller Machines - also known as BTMs - making buying and selling bitcoin fast, secure and simple. Despite bitcoin's massive market cap growth, it is still challenging for the average user to convert cash into bitcoins -- or bitcoins into cash. BitAccess's Bitcoin Teller Machines (BTM) makes it easier and safer to transact bitcoin. For more information about BitAccess visit http://bitaccess.co

About Gateway Newstands:

Established in 1983, Gateway Newstands has over 500 stores throughout North America. Gateway Newstands are found in eight Canadian provinces with dominance in Ontario, and Gateway Newstands is the exclusive newsstand retailer in North America's third largest transit system - the Toronto Transit Commission (TTC). Gateway Newstands also has over 100 US locations with concentration in New York and Chicago. For more information visit www.gatewaynewstands.com

Sarah Jesson
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