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

Volunteers step up during pandemic to work on Shuswap trails

New Shuswap Memorial Cemetery Trails loop ready to hike and ride

Interior Health reports three additional COVID-19 cases in region

The number of cases in the region since the beginning of the pandemic are now at 492

B.C. forestry policy and practices challenged at Shuswap rally

Salmon Arm Rally for the Forests one of 16 similar events held Friday

COVID-19 minimizes Okanagan Regional Library budget increase

Library adapts to pandemic fiscal disruptions

Interior Health continues to tackle COVID-19

IH president Susan Brown says don’t become complacent about pandemic

3 new deaths due to COVID-19 in B.C., 139 new cases

B.C. confirms 40 ‘historic cases,’ as well

Supreme Court Justice Ruth Bader Ginsburg dies at 87

The court’s second female justice, died Friday at her home in Washington

‘This is a very difficult sentencing’; Judge delays Okanagan manslaughter trial to next week

The courts heard Friday that Bourque “did not intend to cause harm” but that her actions were “reckless”

Emaciated grizzly found dead on central B.C. coast as low salmon count sparks concern

Grizzly was found on Gwa’sala-‘Nakwaxda’xw territory in Smith Inlet, 60K north of Port Hardy

VIDEO: B.C. to launch mouth-rinse COVID-19 test for kids

Test involves swishing and gargling saline in mouth and no deep-nasal swab

Young Canadians have curtailed vaping during pandemic, survey finds

The survey funded by Heart & Stroke also found the decrease in vaping frequency is most notable in British Columbia and Ontario

B.C. teachers file Labour Relations Board application over COVID-19 classroom concerns

The application comes as B.C.’s second week of the new school year comes to a close

CHARTS: Beyond Metro Vancouver, COVID-19 cases in B.C. haven’t increased much recently

COVID-19 case counts outside of Metro Vancouver have been level since July

70-year-old punched in the head in dispute over disability parking space in Nanaimo

Senior’s turban knocked off in incident at mall parking lot

Most Read