Chicago’s CoinFlip recently announced its official expansion into Canada.
The cryptocurrency company operates automated teller machines that allow customers to buy Bitcoin with cash. CoinFlip’s debut in Vancouver and Toronto marks the fintech company’s first international expansion outside of the US.
“Establishing ourselves in Toronto and Vancouver is a tremendous step to make the regions a hub for all things crypto,” said Ben Weiss, CEO and cofounder of CoinFlip.
People can buy and trade Bitcoin, Litecoin, Ethereum and several other cryptocurrencies with cash using CoinFlip’s ATMs.
“CoinFlip’s mission is to make crypto safe, transparent and accessible to all,” said Weiss.
According to Weiss, the expansion to Canada is a “major milestone” in the six-year-old company’s growth.
With “clear demand” for greater access to the digital economy, CoinFlip says it wants Canadians to fully experience the value of digital currencies as “not only an asset, but a means to further build the economy.”
“We’re committed to expanding our footprint to the rest of Canada to ensure every citizen has access to the benefits of cryptocurrency and blockchain technologies,” Weiss added.
CoinFlip currently operates more than 3,500 ATMs in the US. The company was founded in Chicago in 2015 by Daniel Polotsky, Kristoffer Dayrit, Alan Gurevich, and Weiss.
On May 2, 2013, the world’s first Bitcoin ATM was installed inside a Vancouver cafe. Back then, one Bitcoin traded for around $100, though it would surge to nearly $1,000 by year’s end—one of many rises and falls for the volatile but fascinating financial experiment.
How many ATMs will Vancouver have in a decade? And what will the price of Bitcoin then be?
Adam O’Brien, founder of Canada’s Bitcoin Well, the first publicly traded Bitcoin ATM company in the world, offers some safety tips for investing in crypto.