‘We’ve had tremendous success finding innovative talent here’: Bitcoin startup at the centre of Edmonton’s emerging tech sector

Bitcoin Well founder Adam O’Brien stands in his company's new downtown office space.

Photo by Supplied

Edmonton’s tech industry has been at the vanguard of a shift toward a diversified economy that embraces innovation- and knowledge-based business. Now it’s positioned to be a launching pad for what could soon be the world’s first publicly traded Bitcoin ATM company.

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This is the goal of Bitcoin Well, an Edmonton-based cryptocurrency company set to open a new 35,000-square-foot headquarters in the city’s downtown core.

“We’ve had tremendous success finding innovative talent here in Edmonton,” says Adam O’Brien, founder and CEO of Bitcoin Well, which established the first bitcoin ATMs in both Alberta and Saskatchewan in 2014. “As long as we as a city continue to make it achievable and beneficial, this ‘tech boom’ won’t be considered a boom.”

O’Brien founded Bitcoin Well in 2013 to make it easier and more convenient to buy and sell bitcoin, a cryptocurrency that serves as an alternative to conventional cash.

He initially worked out of coffee shops, brokering bitcoin transactions in-person twice a week. But he saw significant growth potential in Bitcoin ATMs. “It’s a place where you can go and buy bitcoin directly,” he says.

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Although the technology behind Bitcoin ATMs is complicated, the process of using them is simple. Once a customer creates a verified bitcoin ‘wallet’ on their smartphone, they can scan it into a Bitcoin ATM and buy their desired amount of coins using conventional cash. “You have coins in eight seconds or less,” says O’Brien.

Bitcoin Well now has over 120 Bitcoin ATM locations across Canada, with plans to expand its network across Canada and provide over-the-counter support.

The company is working on ghostATM, a hardware-agnostic bitcoin software that can be installed on conventional ATMs previously used for cash transactions. Ghostlab, the arm of Bitcoin Well that’s developing ghostATM, is growing rapidly and is currently hiring top talent for several positions.

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Bitcoin Well also offers a series of additional services, including helping people buy and sell bitcoin in person and paying their bills using bitcoin.

Though Bitcoin Well hasn’t released a date for an initial public offering, O’Brien says the company is poised to be publicly traded, and he isn’t shy about stating his goals.

“I think people should have the same conveniences that we see with digital banking, but with Bitcoin,” he says.

“My job now is to make bitcoin as easy to use as possible.”

For more information, visit bitcoinwell.com and ghostlab.ca

This story was created by Content Works, Postmedia’s commercial content division, on behalf of Bitcoin Well.