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

Life is an adventure for Armstrong resident

Heaton Place resident Sam Thompson travelled the world and has stories to share

Vernon schools, Mounties wear Orange

Orange Shirt Day is held every Sept. 30 in recognition of the harms caused by residential schools

Vernon softball league thanks organizers

Steve and Yvonne Feedham recognized for guiding Vernon Senior Slow Pitch through COVID

Quite a year for Vernon mental health agency

Increased programming and rapid COVID-19 response sees busy year for CMHA Vernon

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’

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

No new deaths or health care facility outbreaks

Mitchell’s Musings: Predictions, politics and pandemics

Columnist Glenn Mitchell offers some random thoughts on current affairs

Documentary to celebrate the Shuswap’s music scene

Local initiative to feature several of the region’s artists

Guns seized in relation to southeast Kelowna murder investigation

RCMP seized several firearms from a West Kelowna home on Tuesday

Health Canada green-lights rapid COVID-19 test

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

First Nations Health Authority chief medical officer concerned with rising COVID-19 cases

“There’s still so much we don’t know and we’re learning everyday about this particular virus.”

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

FINLAYSON: COVID-related job losses concentrated in urban areas… especially Metro Vancouver

The biggest job losses, in absolute terms, have been in Metro Vancouver

6 puppies rescued in mass seizure on Princeton farm die from illness: BC SPCA

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

Most Read