Localcoin ATMS make cr pto buying and selling ‘an extremely easy process’
Once cryptocurrency exchanges appeared on the investment scene, Localcoin co-founders Tristan Fong and Jay Pandher saw barriers that kept newer and smaller scale investors out of the picture. Their solution leveraged a tried-and-true technology familiar to everyone: the ATM. In 2017 they launched their first Localcoin ATM in Markham, Ont.
Localcoin ATMS clearly struck a chord with investors seeking an easy and convenient way to test the cryptocurrency waters. The company quickly grew to become the largest cryptocurrency ATM network in Canada. Currently, there are more than 800 Localcoin ATMS deployed in convenience store, retail, gas station and hotel locations in Canada and the U.S., with 15 to 20 new machines being added each week.
“We are the largest network in Canada with a strong reputation and relationships with wellknown retail chains,” says Fong. “On top of having the most successful network, we also offer the most competitive rates, as well as provide a high level of customer support, including live chat and
phone, available seven days a week.”
Localcoin’s mission is to make crypto investing more accessible for the average person by creating a secure gateway they can trust.
“We saw an opportunity to make purchasing an extremely easy experience for the user by placing our ATMS in familiar environments for a typical consumer,” Fong explains. “With ATMS, cryptocurrency purchases can be executed instantly. Compared to traditional exchanges that require opening of accounts and a technical learning curve, ATMS are significantly easier and more convenient.”
Pandher points out that online exchanges require a lot of onboarding and coordination. “Getting approvals and setting up accounts takes time, and it can take one to five business days to transfer funds,” he says.
By way of comparison, purchasing cryptocurrency on a Localcoin ATM can be as quick as a cash withdrawal. After downloading a crypto wallet app, users can simply walk up to the machine, scan their crypto wallet QR code (typically on their mobile phone) and within a minute, purchase the cryptocurrency of their choosing. Depending on the location, investors can purchase Bitcoin, Ethereum, Litecoin, and Dogecoin, with more to come.
“Localcoin ATMS are especially helpful when you’re dealing in smaller dollar values and more frequent purchasing,” says Pandher. “Say the price is down today, you can go to an ATM and instantly purchase cryptocurrencies without having to wait one or two days for the settlement to be processed.”
The inherent security of ATMS also helps reduce the fear factor for first time and inexperienced investors, says Charlene Cieslik, chief compliance officer for Localcoin. “An added benefit to the ATM approach is that the crypto wallet is controlled by the investor,” she says. “With exchanges your wallet is not in your possession or control. You’re largely relying on back office processing of payments – usually just humans manually going through pages of payments. With Localcoin you have control over your wallet and money. There is no third party holding your private information or key. And because you are buying with cash or receiving cash on your sell, you don’t need to wait in somebody’s manual queue for wire or e-tranfer processing.”
She stresses that machines on the network are monitored constantly to ensure compliance and security standards are maintained and users are not exceeding allowable limits. “We have put a lot of experienced oversight into making sure that transactions are secure and are monitored to meet regulatory compliance requirements.”
As adoption grows, Localcoin ATM is constantly expanding its offerings. The company plans to add 2,000 more locations in Canada and the U.S. by the end of 2022, and is looking into additional services, like cryptocurrency selling functions in select locations. Localcoin ATM is also ramping up its trading desk (for larger transactions), enhancing the crypto wallet features (more buy/ sell options), and looking to add more products and payment options based on market demand.
The future is looking bright in the months to come, says Fong.
“We are the number one Crypto ATM operator in Canada and will continue to solidify our position as the top market player here, while putting equal effort into our U.S. expansion. We are delivering on our mission to make the buying and selling of cryptocurrencies an extremely easy process for those who are less experienced in this type of investing.”
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