The fourth bitcoin ATM in the world has opened in Montreal.
Bitcoin is a peer-to-peer payment system that uses cryptography to secure the transfer of value, instantly managing transactions without the input of a third party.
Read: Fast facts on Bitcoin
The ATM offers Bitcoin enthusiasts and new users the ability to easily buy bitcoins, reducing the challenges often associated with buying online, which can take several weeks.
“Over the next year, Vx5 Technologies plans to install ATMs in more than 10 cities around the world, in countries such as Lebanon, the Philippines, Hungary and Venezuela,” said Fadi Azouz, president of Vx5 Technologies.
Read: Bitcoin trading floor pops up in NYC grocery store
The Bitcoin Embassy is collaborating with Vx5 Technologies to host Montreal’s first Bitcoin ATM. The embassy space includes an incubator to help grow Bitcoin startups and is an educational hub with frequent workshops and community meetings.
Montreal’s Bitcoin ATM is the fourth of its kind in the world. The first-ever opened in Vancouver last October, and it saw over $1 million in transactions during its first 30 days of service.