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Bitcoin ATM Company Netcoins Seeks Expansion To US, Europe

Netcoins, a Bitcoin ATM company founded in 2014, is spreading its reach in Canada and beyond. The company provides virtual Bitcoin ATMs to retailers and launched its operations in Vancouver last year. The service is also available in retail stores in Coquitlam, Surrey, Victoria and Kelowna.

The company announced in January that it has launched its first series of “virtual” Bitcoin ATMs starting in participating stores in western Canada. It said that it is in the midst of a Canadian rollout with plans to launch in Toronto soon, and is currently accepting a waitlist for stores in the US. 

Speaking to CoinTelegraph, Michael Vogel, CEO of Netcoins, said that the company is actively adding new merchants in Canada, with US and Europe launches imminent. The company is working with retailers worldwide and accepting signups for stores, regardless of the country they belong to, that want free access to a Netcoins virtual Bitcoin ATM in their stores.

“Netcoins solves the five barriers that prevent most retailers from installing a Bitcoin ATM: machine price, regulatory, Bitcoin inventory, physical space, and machine maintenance. We also have the ability to delivery Bitcoin via email, which is popular for newcomers to Bitcoin that often are confused about which Bitcoin wallet to use,” said Michael.

Netcoins was co-founded by brothers Michael and Dominic Vogel and offers no-cost entry for retailers into the Bitcoin space.

“Netcoins turns any device into a Bitcoin ATM (mobile, tablet, PC). It's a Virtual Bitcoin ATM for retail stores”, the company says.

It took part in cohorts in Vancouver's "Spring Activator" and Coquitlam's TriCelerate startup accelerators. The company has also announced a partnership with Gateway Newstands, the largest operator of newsstands in North America, which is piloting the virtual ATMs in its two BC locations.

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