Bitcoin Well (TSXV: BTCW) this morning indicated that it is seeing increased adoption of its proprietary technology. The company, through a recently acquired subsidiary, provides both bitcoin ATM’s and the required technology to convert existing ATM’s to transact in bitcoin.
The firm indicated this morning that through its Ghostlab subsidiary, which provides the tech platform for ATM’s to transact in bitcoin, it has seen major partner RapidCash quickly expand its offerings. The firm is expected to see the deployment of over 100 bitcoin ATM’s into Canco retail store throughout Canada.
The current arrangement will see Bitcoin Well operate the ATM’s, which is expected to provide “incremental revenue” to the company. Specific details on the arrangement was not provided by the company in terms of the fee structure. The benefit, is that the firm is effectively able to expand its offerings with no capital outlays.
Bitcoin Well currently operates 200 bitcoin ATM’s across Canada, as well as several OTC offices for larger denomination bitcoin transactions.
Bitcoin Well last traded at $0.26 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
