A cryptocurrency ATM operated by a company called HoneyBadger was recently installed in Centenoka Park Mall. (Jim Elliot/Salmon Arm Observer)

Salmon Arm’s first Bitcoin ATM installed in mall

The kiosk will allow people to buy cryptocurrency or sell it for cash.

Salmon Arm is now more connected to the world of cryptocurrency with the installation of the city’s first Bitcoin ATM.

The machine, which was recently installed in Centenoka Park Mall, is operated by a company called Honey Badger. According to its website, HoneyBadger operates 30 cryptocurrency kiosks in B.C. alone and more than 1oo across Canada. Along with Bitcoin, HoneyBadger kiosks deal in Litecoin and Ethereum, two other prominent cryptocurrencies.

Mall owner Lance Johnson said he became interested in the Bitcoin ATMs after seeing them installed at other shopping centres he has toured in Western Canada and the U.S. Johnson said the kiosk has been up and running for three weeks, allowing people to both purchase cryptocurrency and sell theirs for cash.

Johnson said installation of the kiosk in the mall was slightly delayed because HoneyBadger was on the verge of launching a new model of kiosk. He said the kiosk, which sports a large touch-screen display is one of the first of its kind in Western Canada. The kiosk is located near Dollar Tree in the mall.

Read More: Regulator takes action against two B.C. cryptocurrency platforms

Read More: Kelowna cryptocurrency investors wary after being burned by QuadrigaCX

Johnson said he sees Salmon Arm becoming a more and more technologically advanced community and believes that Bitcoin will become more widely used in the future.

HoneyBadger’s announcement about the installation of the kiosk acknowledges the role Bitcoin played in some recent scams but also details the ways customers are kept safe from fraud.

Read More: Green candidate making Okanagan stops

Read More: Health Canada says several kids hospitalized after eating edible pot products

HoneyBadger stated there are large call centres abroad which use internet chat rooms, dating and social media sites in an effort to prey on vulnerable people and convince them to transfer wealth. Both Bitcoin and more traditional banking methods have been used for the fraudulent transfer of funds.

Bitcoin is decentralized by nature. It relies on an open and distributed online ledger called a blockchain which records transactions of the online currency without the need for a third-party financial institution overseeing the exchange.

According to the announcement, HoneyBadger fully complies with federal cryptocurrency regulations enacted this year which require them to verify customer identities prior to transactions, report all transactions with values over $10,000 and report suspicious transactions and suspected money laundering to the authorities. The company uses software to analyze every transaction it has a hand in and temporarily freezes the sale if either the buyer or seller has suspicious activity on their accounts.



jim.elliot@saobserver.net

Like us on Facebook and follow us on Twitter

Community of salmon Arm is becoming more and more technologically advaned in the near future bitcoin is going to become more widely used.

Businesscryptocurrency

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Fender bender slows northbound traffic on Highway 97 in Kelowna

The three-vehicle collision happened around 4:45 on Wednesday afternoon

Guns seized in relation to southeast Kelowna murder investigation

RCMP seized several firearms from a West Kelowna home on Tuesday

Two new COVID-19 cases announced in Interior Health region

The total number of cases in the region is at 533

Kelowna women’s outreach group expands to support men amid ‘stressful and uncertain times’

HOPE Outreach says they’re expanding services in reaction to ‘stressful and uncertain times’

6 puppies rescued in mass seizure on Princeton farm have died of illness: BC SPCA

Of the 97 distressed horses, cats and dogs seized, most of the puppies suffered from parvo

B.C. counts 125 new COVID-19 cases, up to 1,284 active

No new deaths or health care facility outbreaks

Documentary to celebrate the Shuswap’s music scene

Local initiative to feature several of the region’s artists

Health Canada green-lights rapid COVID-19 test

Health Canada approved the BCube test from Hyris Ltd. in the United Kingdom Sept. 23

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Action demanded over death of First Nations youth in Abbotsford group home

Family and Indigenous organizations push for thorough investigation

Okanagan man accused of attacking two young boys back in court

Brian Lamb will remain behind bars until at least Oct. 14

U.S. boater fined $1,000 for violation of Quarantine Act

49-year-old man entered Canada to visit girlfriend in Surrey

Revelstoke source of clue on Jeopardy

The prompt challenged knowledge of both art and wildlife in the area

Most Read