Localcoin co-founders Tristan Fong and Jay Pandher observed restrictions that kept newer and smaller size investors out of the picture when cryptocurrency exchanges first debuted on the investment landscape. Their approach made use of a tried-and-true technology that everyone is familiar with: the ATM. They opened their first Localcoin ATM in Markham, Ontario, in 2017.

Localcoin ATMs definitely struck a chord with investors looking for a quick and easy method to dip their toes into the bitcoin waters. The company swiftly developed to become Canada's largest bitcoin ATM network. There are already over 800 Localcoin ATMs installed in convenience stores, retail, petrol stations, and hotels across Canada and the United States, with 15 to 20 new machines added each week.

"We are Canada's largest network, with a solid reputation and ties with well-known retail brands," Fong explains. "In addition to having the most successful network, we also offer the most competitive rates and offer a high level of customer service, including live chat and phone, seven days a week."

The objective of Localcoin is to make crypto investing more accessible to the common person by offering a secure gateway they can rely on.

"By situating our ATMs in familiar surroundings for a normal customer, we recognised an opportunity to make shopping an exceptionally straightforward experience for the user," Fong explains. "Cryptocurrency purchases can be made instantaneously with ATMs." ATMs are substantially easier and more convenient than traditional exchanges, which require account opening and a technical learning curve."

According to Pandher, online exchanges necessitate a significant amount of onboarding and coordination. "It takes time to get approvals and set up accounts, and it can take one to five business days to transfer payments," he explains.

Purchasing bitcoin through a Localcoin ATM, on the other hand, can be as quick as a cash withdrawal. Users can simply go up to the machine after installing a crypto wallet app, scan their crypto wallet QR code (usually on their mobile phone), and purchase the cryptocurrency of their choice within a minute. Investors can buy Bitcoin, Ethereum, Litecoin, and Dogecoin depending on their location, with more to follow.

"Localcoin ATMs are especially useful when dealing with smaller dollar quantities and more frequent purchases," Pandher notes. "For example, if the price is low today, you may go to an ATM and buy cryptocurrencies right away without having to wait one or two days for the settlement to be executed."

According to Charlene Cieslik, chief compliance officer for Localcoin, the inherent security of ATMs also helps decrease the anxiety factor for first-time and inexperienced investors. "An additional advantage of the ATM approach is that the investor controls the crypto wallet," she notes. "With exchanges, your wallet is neither in your possession nor under your control." You rely heavily on back-office payment processing – usually just humans manually going through pages of payments. You have complete control over your wallet and money using Localcoin. There is no third party who has access to your private information or key. And, because you're buying with cash or selling for cash, you won't have to wait in someone else's manual queue for wire or e-transfer processing."

She emphasises that devices on the network are regularly monitored to verify that compliance and security standards are met and that users are not exceeding permissible limits. "We have put a lot of expert oversight in place to ensure that transactions are secure and that they are monitored to meet regulatory compliance standards."

Localcoin ATM is constantly extending its offerings as adoption develops. The company intends to open 2,000 more stores in Canada and the United States by the end of 2022, and it is investigating other services, such as cryptocurrency selling functionalities at certain locations. Localcoin ATM is also expanding its trading desk (for larger transactions), improving the crypto wallet features (more buy and sell options), and exploring new products and payment solutions based on market demand.

According to Fong, the future looks promising in the next months.

"We are the leading Crypto ATM operator in Canada and will continue to consolidate our position as the market leader here, while also putting equal effort into our US development." We are delivering on our aim to make purchasing and selling cryptocurrencies as simple as possible for individuals who are new to this sort of investing."

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