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Bitaccess

Blockchain & Crypto | Ottawa, ON | Founded: 2013 | Employees: 11-50 | www.bitaccess.ca


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Last updated December 15, 2018 | To download a PDF version, click here


Company Overview

Bitaccess is a technology and blockchain software service company that provides financial services through their products to FinTech businesses around the world. The company’s mission is to be able to provide every business with easy access to blockchain technology that is secure and user friendly.[1] Bitaccess promises it’s clients blockchain technologies that are secure, accessible and easy to use.

[1] https://bitaccess.ca/about-us

Senior Management

Moe Adham: Co-founder of Bitaccess Inc. (2014-Present). Previously: Engineer at Lemoptix (2011-2012); Interim Engineering Intern at Qualcomm Innovation Center Inc. (2008-2009); Field Test Speciaist at RIM (2008); Project Coordinator at RIM (2006). Education: MSc, Nanotechnology for Integrated Systems, Ecole Polytechnique Federale de Lausanne (2012); MSc, Nanotechnology for Integrated Systems, Institut National Polytechnique de Grenoble (2011); MSc, Nanotechnology for Integrated Systems, Politecnico di Torino (2010); BaSc, Mechatronics Engineering, Economics Minor, University of Waterloo (2005-2010).

Sachit Harish: Director of Finance, Bitaccess Inc. (2014-Present); Co-founder & Direct of Finance, Flosonics Medical (2015-Present). Previously: Controller, Cardel Homes (2015-2017); Financial Analyst, BTI Systems (2014-2015); Senior, Deloitte (2009-2014); Website Consultant, BioDuro (2008); Staff Accountant, Scott, Rankin & Gardiner (2008); Junior Engineering Consultant, Robinson Consultants Inc. (2005-2006); Assistant Chied Electoral Officer, Elections Canada (2006). Education: CPA, Canadian Institute of Chartered Accountants (2010-2012); B.Comm, Accounting, University of Ottawa (2005-2009).


History

Bitaccess was originally founded in 2013 by Moe Adham, Vignesh Sundaresan,Ryan Wallace, and Haseeb Awan.[2] Sundaresan, Wallace and Awan have since started position at other companies since founding Bitaccess Inc. as shown on their LinkedIn. Bitaccess originally started as an Automated Bitcoin Teller manfucaturer that aimed at providing access to digital currency to end customers.[3] The company has since expanded their product offering of blockchain technology and software service to their clients, enabling easier integration and access to blockchain business solutions.

[2] https://www.crunchbase.com/organization/bitaccess#section-current-team
[3] https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=256536198

Funding

Bitaccess has raised $11.1 Million in funding over three rounds in 2014. Their latest funding came from a seed round on August 19th, 2014. There is currently 8 main investors, the two latest investors are YCombinator and Blockchain Capital.[4] Their lead investing comes from Pantera Capital and CRCM Ventures.[5]

[4] https://www.crunchbase.com/organization/bitaccess#section-patents-and-trademarks-by-ipqwery
[5] https://www.crunchbase.com/organization/bitaccess#section-investors

Key Corporate Developments

February 23, 2018: Bitaccess Launches BuyBitcoinCanada
September 8, 2016: Bitaccess helps Deloitte bring the first Bitcoin ATM to Toronto’s Financial District
June 12, 2014: Bitaccess Gets picked up by Y Combinator’s Incubator


Business Highlights

Strategy

Bitaccess focuses their strategy on the development of blockchain technology and software that can be easily integrated into different FinTech companies in order for their business and their customers to have better access to this emerging technology. Through their third party services they are able to power FinTech companies and end users to increase the efficiency of their digital finance capabilities.


Products/Pricing

  1. BTM[6]
    • Bitaccess offers Bitcoin ATM’s to their customers. It is a blockchain machine which allows anyone to deposit cash for a digital wallet and Bitcoin cryptocurrency. These machines also allow customers to exchange their Bitcoin holdings for traditional fiat currency. Customers can buy these machines and place them in urban locations in order to increase access to digital currencies as well as earn profit from fee’s similar to an ATM business model.
  2. FAAST[7]
    • FAAST is Bitaccess’s version of a cryptocurrency exchange that creates a digital asset portfolio for their clients. With low cost and simplicity features FAAST creates a cryptocurrency portfolio for you in seconds with a very sleek automated process. From then, the customer is able to make fast and easy trades and be in full control of their finances.
  3. Buy Bitcoin Canada[8]
    • Buy Bitcoin Canada is a product Bitaccess offers to people to make it easier to buy Bitcoin or Ethereum cryptocurrency. On their site or in person, you are able to purchase Bitcoin with cash, direct debit, interact online or credit card.
  4. Catena[9]
    • Catena is a blockchain software service that allows complicated databases to be moved onto a public or private blockchain. With the use of smart contract technology and hardware security, Catena aims to improve data consistency and integrity to their clients. This product allows companies to create an archive of public data that can be access at any point after it has been put on the blockchain.
  5. Enterprise Wallet[10]
    • Enterprise Wallet is a crypto currency wallet designed for clients that require high-volume bitcoin transactions. It is supported through secure Bitcoin Cloud Wallets, APIs and Multi-signature HotWallets.
  6. KYC[11]
    • Bitaccess offers blockchain “Know Your Customer” support for FinTech companies so they can maintain compliance in their digital environments without sacrificing the user experience. This software service uses progressive data collection, sanctions screening, API and ID verification in order to perform high velocity onboarding capabilities.
  7. Smart Contacts[12]
    • Bitaccess has developed leading smart contracts for proof of concept and production grade, oracles and complex blockchain scripting.
  8. Blockchain Transaction Search ability[12]

[6] https://bitaccess.ca/bitcoin-teller-machine
[7] https://www.faa.st
[8] https://buybitcoincanada.com
[9] https://www.explorecatena.com
[10] https://bitaccess.ca/products/enterprise-wallet
[11] https://bitaccess.ca/products/know-your-customers
[12] https://bitaccess.ca/products

Distribution/Logistics

Bitaccess provides their third party software services to their clients digitally and have a support staff to handle customer issues and integration issues.  

 

Competitors

Bitaccess competes directly with three main companies:

  1. Coinbase: Coinbase is a cryptocurrency exchange and wallet located in San Francisco, California that allows its customer to buy, sell and hold digital assets. This would directly compete with Bitaccess’s BTM, FAAST, Buy Bitcoin Canada services and Enterprise Wallet.[13]
  2. BitPay: BitPay provides payment processing for P2P digital currency which is a direct competitor with the same product categories as Coinbase. The company is located in Alpharetta, Georgia.[14]
  3. GoCoin: GoCoin is a payment processing company that enables their clients to accept retail and online payments through Bitcoin. GoCoin is located in the central region of Singapore.

[13] https://www.crunchbase.com/organization/coinbase
[14] https://www.crunchbase.com/organization/bitpay#section-overview

 

Corporate Profile Created By: Julia Frain, Ivey HBA Candidate 2019