Bitcoin Well Announces Addition of Over 100 New Bitcoin ATM Machines as Part of an Expanding Partnership with RapidCash ATM
November 18 2021 - 7:00AM
Bitcoin Well (the “Company” or
“
BTCW”), a technology company building and
utilizing products that offer safe and easy ways to buy, sell and
use bitcoin, is pleased to announce the growth of our partnership
with RapidCash ATM Ltd. (“RCAL”), a partnership offering further
benefits following our acquisition of Ghostlab Inc. (“Ghostlab”),
which closed on September 13, 2021. After initially installing the
Ghostlab software on its first ATM in December of 2020, RCAL
subsequently deployed a total of 43 ATM kiosks with our ghostATM
software (proprietary Bitcoin ATM software), the majority of which
were recently installed. These ATM kiosks have since generated
Bitcoin sales of over $565,000 for the RCAL Bitcoin ATM Partner
network, which is operated by Bitcoin Well.
On November 16, 2021, RapidCash announced an
exclusive partnership with Canco Petroleum Ltd. (“Canco”) that
further expands on the existing ATMs deployed. Through the Canco
partnership, RCAL intends to deploy in excess of 100 RCAL ATM
kiosks into Canco’s retail convenience stores across Canada. These
kiosks will be equipped with ghostATM, and under the terms of the
Company’s existing exclusive relationship with RCAL, Bitcoin Well
will operate the newly installed Bitcoin ATM software which is
expected to provide incremental revenue with zero capital
outlay.
“Our strategic partnership with Bitcoin Well
allows us to offer crypto and BTC as an application on our appruv
Kiosk line in an easy to use interface without managing the
complexities of this space,” reports Bill Eaton, President of
RapidCash ATM Ltd. “We look forward to collaborating with the
highly talented group at BTCW on existing and market needed
applications.”
“The arrangement between RCAL and Canco further
demonstrates the opportunity Ghostlab provides to Bitcoin Well, as
we are able to exponentially expand our reach without incurring the
high capital costs associated with organic growth,” said Adam
O’Brien, Founder and CEO of Bitcoin Well. “Our unique partnership
approach with RCAL offers Bitcoin Well exposure to a whole new
customer base to support continued growth, revenue enhancement and
margin expansion.”
RapidCash ATM Ltd.
Partnership
In late 2020, Bitcoin Well and RCAL formed a
partnership whereby any newer model, standard RCAL ATM could be
rendered compatible to facilitate the buying and selling of Bitcoin
by installing Ghostlab’s “ghostATM” software on the machine (a
software now fully owned and controlled by Bitcoin Well).
Founded in 2000, and headquartered in Edmonton,
Alberta, RCAL has grown to become one of the largest independently
owned ATM networks operating across Canada, with more than 1,000
operating ATMs/kiosks processing over 10 million transactions
annually. RCAL has positioned itself at the forefront of payment
innovations and applications in the ATM/fintech industry and become
a preeminent cash solutions provider from enterprise to retail.
Through the partnership with RCAL, Bitcoin Well now has the
opportunity to reach a larger audience and facilitate bitcoin
transactions and exposure on existing machines that were originally
designed for other purposes such as cash withdrawals, loan
applications or bottle depot credits.
The initial rollout for Canco will commence
immediately and will continue into 2022. Bitcoin Well is set to
support all Bitcoin operations for these ATMs, and we anticipate
RCAL could have in excess of 190 ATMs operating with our ghostATM
software by summer of 2022. Furthermore, as Canco pursues their
growth strategy and opens additional retail stores, RCAL is
expected to match their growth by continuing to place machines with
ghostATM in these new retail locations, creating an even larger
network as a result of this partnership.
About Bitcoin Well
Bitcoin Well (TSX.V: BTCW) offers convenient,
secure, and reliable ways to buy and sell bitcoin through a trusted
Bitcoin ATM network and suite of web-based transaction services.
The Company generates revenue and based on management’s assessment
of publicly available data, is the first publicly traded Bitcoin
ATM company in the world, with an enterprising consolidation
strategy to deliver accretive and cost-effective expansion in North
America and globally. As leaders of the longest-running,
founder-led bitcoin ATM company in Canada, management of Bitcoin
Well brings deep operational capabilities that span the entire
value chain along with access to proprietary, cutting-edge software
development that supports further expansion. Bitcoin Well is on a
mission to shift the relationship that society has with money by
offering an ecosystem of products and services that make bitcoin
accessible and understood. This ecosystem includes
non-custodial financial offerings (both in-person
and online), technology development, including SaaS and internal
technology developments through Ghostlab, the technology arm of the
business, and educational resources designed with the needs of both
their customers, and the industry, in mind.
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Contact Information For
investor information, please contact:
Bitcoin Well
10142 82 Avenue NWEdmonton, AB T6E
1Z4bitcoinwell.com
Adam O’Brien, President & CEO or
Dave Bradley, Chief Revenue OfficerTel: 1 888 711
3866 ir@bitcoinwell.com
For media queries and further information, please contact:
Karen Smola, Director of MarketingTel:
587-735-1570k.smola@bitcoinwell.com
Reader Advisory / Forward-Looking
Statements
Statements in this press release regarding
Bitcoin Well which are not historical facts are “forward-looking
statements” that involve risks and uncertainties, such as the
timing of expansion plans and activities, the obtaining of licenses
and approvals from regulatory authorities, allocation of the
proceeds from private placements as well as various business
objectives. Such information can generally be identified by the use
of forwarding-looking wording such as “may”, “expect”, “estimate”,
“anticipate”, “intend”, “believe” and “continue” or the negative
thereof or similar variations. Since forward-looking statements
address future events and conditions, by their very nature, they
involve inherent risks and uncertainties such as the risk that the
expansion plans of a partner or a third party do not materialize as
expected. Actual results in each case could differ materially from
those currently anticipated in such statements due to factors such
as: (i) adverse market conditions; (ii) the need for additional
financing; and (iii) changes in laws and regulations. Except as
required by law, Bitcoin Well does not intend to update any changes
to such statements.
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