BiT Capital funding $10 million to Bitcoin ATM start-up BiT Access
A Canadian Bitcoin investment group, BiT Capital has committed a significant amount of seed funding into Bitcoin ATM start-up BiT Access. The fund which amounted to $10 million will be invested gradually in a span of 1-2 years. This is by far the largest investment in the Bitcoin business industry.
“BiT Capital is thrilled to partner with BiT Access,” said the founder of BiT Capital, John Bridge. “We believe Bitcoin ATM’s are a vital part of the infrastructure that will enable people to easily obtain Bitcoin. We are looking forward to working with BiT Access and becoming a dominant player in this segment of the Bitcoin economy.”
Ottawa-based BiT Access has set up their first BTM (Bitcoin teller machine) at the Clocktower Brew Pub in Ottawa. The Two-Bit Idiot reported that more BTMs would soon be hitting the streets in Montreal, Calgary, Winnipeg and Vancouver in the coming weeks, and within two weeks, a BTM will be hitting the New York Stock Exchange area.
The seed investment will help BiT Access to launch their BTMs vigorously, with a goal of installing nearly 500 machines worldwide in 2014 alone. Within the next three years, BiT Access hopes to reach 5,000 machines in service globally.
BTM for Litecoin
The first generation of BTM allows deposit of up to $3,000 into individual Bitcoin wallets. BiT Access BTM will be the first machine to accept Litecoins, the silver equivalent to Bitcoin’s gold.