Canadian Immigration pays attention to Canadian Financial developments: A company named Bitcoiniacs plans to install one Bitcoin ATM in Vancouver next month and four more in Montreal, Toronto, Ottawa, and Calgary before December.
Bitcoiniacs has purchased these Bitcoin ATMs from Robocoin at a price of $18,500 each. The company's founder, Mitchell Demeter, has confirmed this report.
Bitcoiniacs plans to charge a 3% transaction fee for transactions made through these ATMs. The primary function of these ATMs is to facilitate the exchange between Bitcoin and US Dollars, with transactions based on the Bitcoin trading service VirtEx. The transaction amount through the ATMs will be limited to a maximum of $3,000.
Demeter stated that the company will monitor the usage of the initial five ATMs before deciding whether to provide more of such ATMs. He said, “After obtaining market data through these initial devices, we hope to expand further.”
Currently, at least two companies produce Bitcoin ATMs, namely Robocoin and Lamassu. The world's first Bitcoin ATM was put into operation in Cyprus in March of this year.