One of Canada’s largest digital currency platform, Coinberry, announced a partnership with Cyclebit through a press release, August 12th, 2019. The partnership will give Canadians access to a “tangible, cryptocurrency-to-retail payment processing solution.”
Coinberry and Cyclebit to spread crypto adoption
To mark this significant partnership, the first live demonstration of the two working together will be held at the Futurist conference happening the next two days on August 13th and 14th in Toronto.
In Canada, both companies are on their way to becoming cryptocurrency brands that everyone knows.
Cyclebit currently operates 250,000 point-of-sale (POS) terminals in locations all over the world, which when combined with Coinberry’s expertise that has allowed cities like Richmond Hill and Innisfil to be able to pay property tax with Bitcoin, should dramatically speed up the rate of adoption in the land of maple syrup.
Cyclebit is no newcomer to POS solutions either, currently processing over a million transactions monthly and $1 billion in card payments processed annually through their parent corporation ibox mPOS.
Andrei Poliakov, Co-Founder and CEO of Coinberry, had this to say about the new relationship between the two companies:
“We are always seeking innovative new ways to bring our customers trusted cryptocurrency and blockchain solutions that deliver exceptional value. From our recent government partnerships, to enterprise, and now via retail payment processors, we believe leveraging our trusted technology backbone will continue to accelerate growth in the industry.”
Sameer Pirani, Co-Founder of Cyclebit North America, echoed similar sentiments by saying that Coinberry was “the first company we want to associate ourselves with” when Cyclebit expanded north into Canada.
Canada Hungry Future For Crypto
With Coinberry already allowing payment processing from government municipalities as well as standard business clients, it shouldn’t be hard for further use cases to come up that could benefit from cryptocurrency.
Users getting discriminated for purchasing legal marijuana has led to recommendations from officials to use cash, which is a bit troublesome in a society going cashless.
Combinations of accessible POS systems and the ability to accept crypto payments would allow marijuana, a market that many see as a coiled spring, to be one of crypto’s first major use cases within Canada.