Currency Exchange International, Corp. (CXI) starts selling Bitcoin and Ethereum powered by Cyclebit and CEX.IO

Rhea-AI Summary

Currency Exchange International (CURN) has launched a new concierge service for purchasing cryptocurrencies at select branches, beginning February 17, 2021. This initiative, developed in partnership with Cyclebit and CEX.IO, aims to simplify the cryptocurrency acquisition process for customers, allowing purchases of Bitcoin and Ethereum in under 10 minutes. Initially, the service will be available at 12 locations across the U.S., where customers can use cash, debit, or credit cards. The first 1,000 buyers will receive a complimentary NFC-enabled hardware wallet.

Positive

• Launch of a new concierge service for in-person cryptocurrency purchases.
• Partnership with established entities Cyclebit and CEX.IO enhances credibility.
• Service enables purchases of Bitcoin and Ethereum in under 10 minutes.
• First 1,000 customers receive a free NFC-enabled hardware wallet.

Negative

• None.

A new in-person concierge service for buying cryptocurrencies

ORLANDO, Fla., Feb. 17, 2021 (GLOBE NEWSWIRE) -- Currency Exchange International, Corp. (CXI) (TSX:CXI) (OTCBB:CURN), a full service foreign exchange technology and services provider, has partnered with Cyclebit, a Cryptocurrency Payment Gateway, and CEX.IO, a regulated cryptocurrency exchange, to offer the first concierge service experience for buying cryptocurrencies. Customers can purchase Bitcoin and Ethereum in less than 10 minutes at select CXI branch locations starting February 17, 2021.

Purchasing Bitcoin or any other cryptocurrency can be intimidating because the concept of Bitcoin is complex and vastly different from traditional fiat currencies and physical assets like gold - both of which you can see and touch. Others are hesitant to provide the regulatory required “Know Your Customer” (KYC) information to new or unregulated entities for their first purchase.

The number of Americans who own cryptocurrencies almost doubled in 2019, from 7.95% in 2018 to 14.4%, and continues to grow as the price of Bitcoin surges. Currently, the most popular way to purchase crypto is online through cryptocurrency exchanges or offline through crypto ATM's. The goal of this new offering by CXI is to expand access to this emerging asset class by providing a safe, transparent and trusted process to buying cryptocurrencies - in person.

CXI customers will be able to purchase directly from tellers at brick-and-mortar locations across the United States. CXI is set to accept cash, debit cards, and credit cards for customers buying Bitcoin and Ethereum. In addition, the first 1,000 customers will receive a free NFC enabled hardware wallet to store and manage their crypto. The initial in-branch pilot program launches at 12 CXI locations across the United States. "Adding digital currencies Bitcoin and Ethereum to our long list of currencies that we offer was a natural evolution. We are excited to be working with Cyclebit and CEX.IO to be able to offer this new asset class to our US customers," says Randolph Pinna, CEO of Currency Exchange International.

“A concierge service by a trusted brand like CXI for purchasing cryptocurrencies is the type of initiative that will push the adoption and acceptance of cryptocurrencies,” echoed Sameer Pirani, CEO of Cyclebit.

“CEX.IO is a worldwide leader in digital asset trading, and we are excited to partner with strong, regulated companies like CXI and innovative technology providers such as Cyclebit to bring physical crypto purchases to the retail public, thereby engaging a whole new population in the growing worldwide financial paradigm of digital assets,” said Alexander Kravets, CEO of CEX.IO US.

12 CXI branches will be part of the initial launch in February:

• Sawgrass Mills Mall - 12801 West Sunrise Boulevard, Sunrise, Florida 33323 
• Dolphin Mall - 11401 Northwest 12th Street, Miami, Florida 33172
• Aventura Mall - 19501 Biscayne Boulevard, Aventura, Florida 33180 
• The Florida Mall - 8001 South Orange Blossom Trail, Orlando, Florida 32809 
• Copley Place - 100 Huntington Avenue, Boston, Massachusetts 02116 
• Arundel Mills - 7000 Arundel Mills Circle, Hanover, Maryland 21076  
• MacArthur Center - 300 Monticello Avenue, Norfolk, Virginia 23510 
• Ontario Mills - 1 Mills Circle, Ontario, California 91764 
• MainPlace Mall - 2800 North Main Street, Santa Ana, California 92705
• Great Mall - 447 Great Mall Drive, Milpitas, California 95035
• Cherry Creek Shopping Center - 3000 East 1st Avenue, Denver, Colorado 80206 
• Westfield Southcenter - 2800 Southcenter Mall, Tukwila, Washington 98188

More information on the new offering can be found at https://www.ceifx.com/international-travelers/bitcoin-and-ether-cryptocurrencies.

About Currency Exchange International, Corp.

The Company is in the business of providing a range of foreign exchange technology and processing services in North America. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, purchase and sale of foreign bank drafts and international travelers’ cheques, and foreign cheque clearing. Related services include the licensing of proprietary FX software applications delivered on its web-based interface, www.ceifx.com (“CEIFX”), and licensing retail foreign currency operations to select companies in agreed locations.

The Company’s wholly-owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, provides foreign exchange and international payment services in Canada through the use of its proprietary software – www.ebcfx.com.

Cyclebit

Cyclebit empowers retailers to take advantage of new payment offerings, devices, and user knowledge in order to provide a superior, more engaging payments experience. We provide simple, affordable and robust tools for retailers to accept digital currencies, credit/debit and cash transactions for in-store, online and on-the-go purchases. 

CEX.IO

A digital asset platform in existence since 2013, CEX.IO is registered as Money Services Business (MSB) with the US Department of the Treasury, and possesses more than 30 Money Transmission Licenses, operating in most US states. A worldwide team of over 250 individuals, the CEX.IO group of companies is licensed in many jurisdictions worldwide and provides a rich variety of trading tools and fiat gateways in multiple currencies for crypto assets as well as bespoke institutional services in over 220 countries and territories.

Contact Information

For further information please contact:
Bill Mitoulas
Investor Relations
(416) 479-9547
Email: bill.mitoulas@cxifx.com
Website: www.ceifx.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts and statements as to management’s expectations with respect to, among other things, demand and market outlook for wholesale and retail foreign currency exchange products and services, proposed entry into the Canadian financial services industry, future growth, the timing and scale of future business plans, results of operations, performance, and business prospects and opportunities. Forward-looking statements are identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “preliminary”, “project”, “will”, “would”, and similar terms and phrases, including references to assumptions.

Forward-looking information is based on the opinions and estimates of management at the date such information is provided, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties and assumptions that could cause the Company’s actual results, performance or achievements to differ materially from the results discussed or implied in such forward-looking information. Actual results may differ materially from results indicated in forward-looking information due to a number of factors including, without limitation, the competitive nature of the foreign exchange industry, the impact of COVID-19 coronavirus on factors relevant to the Company’s business, currency exchange risks, the need for the Company to manage its planned growth, the effects of product development and the need for continued technological change, protection of the Company’s proprietary rights, the effect of government regulation and compliance on the Company and the industry in which it operates, network security risks, the ability of the Company to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key management personnel, global economic deterioration negatively impacting tourism, volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital as well as the factors identified throughout this press release and in the section entitled “Risks and Uncertainties” of the Company’s Management’s Discussion and Analysis for the nine-month period ended July 31, 2020. The forward-looking information contained in this press release represents management’s expectations as of the date hereof (or as of the date such information is otherwise stated to be presented), and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this press release.

FAQ

What is Currency Exchange International's new service for cryptocurrency purchases?

Currency Exchange International has launched a concierge service that allows customers to buy Bitcoin and Ethereum in person at select branches.

Where can I buy cryptocurrencies through Currency Exchange International?

Cryptocurrencies can be purchased at 12 CXI branch locations across the United States.

When was the cryptocurrency concierge service launched by Currency Exchange International?

The cryptocurrency concierge service was launched on February 17, 2021.

What cryptocurrencies can I buy through the new CXI service?

Customers can purchase Bitcoin and Ethereum through the new CXI concierge service.

Is there any promotion for early customers of CXI's cryptocurrency service?

Yes, the first 1,000 customers will receive a free NFC-enabled hardware wallet.