Canadian Bitcoin ATM Company Hits $2M in Daily Volume
Vancouver-based Bitcoin ATM software provider Netcoins has today announced its daily transactional revenue across Canada, Europe and Australia has reached $2M CAD in a single day.
Netcoin’s primary focus is its virtual Bitcoin ATM software offered to retailers and individual professionals allowing in-store sale and consumer purchasing of Bitcoin.
The Canadian company typically serves digital currency resellers including retailers, mobile agents and individuals with digital currency networks, but also has an Over-the-Counter (OTC) trading desk for clients globally.
A period of fast growth
In April 2018, Netcoins celebrated over $20M CAD in cumulative Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin transactions, having grown quickly from $33,00 CAD in total transactions in January 2017. Later in April 2018, Netcoin formed an agreement with Australia’s Flexepin to extend its services to 7,500 Australian locations.
In early July 2018, Netcoins completed its first day of $1M CAD worth of transactions and has quickly managed to grow to the $2M CAD mark, according to their latest press release.
“The $2 million daily transaction is another key milestone for the Netcoins business as we continue to attract crypto miners, crypto funds and institutional investors to use our services alongside our retail customer base,” states the release.
For July as a whole Netcoins has now enabled over $5.5M CAD of digital currency transactions.
CEO and founder Mark Binns says that despite the volume of “noise” in the industry, Netcoins, as an audited public company, is attracting clients who need its service.
“Our business continues to evolve quickly, and the global crypto relationships we have spent the past months establishing are paying off when crypto volumes spike up or down and clients need liquidity,” said Binns.
Locations across Canada
Netcoin’s goal is make the purchase and sale of digital currencies “easily accessible to the mass consumer.”
It now has 21,000 retail locations in Canada, Europe and Australia. In Canada, these retail locations are centered in Ontario, British Columbia, Manitoba, and Alberta. Locations include convenience stores, communications outlets, restaurants, and newsstands and include a total of 3,500 Canadian locations in partnership with Flexepin.
The significant growth indicated by Netcoins points to an everyday consumer market for digital currencies that is growing despite market price fluctuations and concerns. It also denotes a willingness by Canadians to use digital currencies via ATM-type terminals in a similar way to fiat currencies.
Editor’s note: this article was updated. The original article stated figures in USD – they were actually CAD. Additional corrections made to the exact number to be in-line with what Netcoins press releases indicated.
Image Credit: Netcoins logo
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