The crypto ecosystem in El Salvador continues to grow thanks to Athena Bitcoin after the decision to make Bitcoin (BTC) legal tender in the country. Cryptocurrency ATMs will be a solution for Salvadorans that want to have easy and fast access to Bitcoin with U.S. dollars (USD).
Athena Bitcoin Gets Ready to Install 1,500 Bitcoin ATMs
Athena Bitcoin, one of the largest cryptocurrency ATMs providers in America has decided to land in El Salvador and play an important role in this evolution towards virtual currencies that the country is undergoing. The company is ready to install 1,500 Bitcoin ATMs that would help the country get access to Bitcoin solutions and services.
The whole investment plan has an estimated cost of $1 million and it could help the local population get used to Bitcoin, receive remittances from abroad and more. At the same time, Athena is thinking of opening a new office in the country in order to control its operations in El Salvador.
The firm’s Director for Latin America Matias Goldenhörn said:
“[President Nayib Bukele] presented us with a tough challenge of 1,500 ATMs, we will go for that, but in phases. We are a private company and we want to ensure that our development in the country is sustainable.”
It is also worth mentioning that the company is going to test its operations in El Salvador as a strategy outside the United States. Mr. Goldenhörn knows that the business is going to look different than in the United States, where the firm has been operating for several years now.
El Salvador has decided to make Bitcoin legal tender after passing a bill in Congress. Local authorities are very excited about expanding the use-cases of Bitcoin in the country and making the economy one of the first in the world to support Bitcoin (BTC).
It is worth taking into consideration that El Salvador will not receive support from international organizations such as the International Monetary Fund (IMF) or the World Bank (WB). This is the first country to make Bitcoin legal tender. The bill will be effective starting in September.
Individuals and companies will now be able to accept and use Bitcoin on a daily basis to pay for groceries, services and more. Additionally, Salvadorans that receive remittances from the United States or other countries would be able to do so with Bitcoin and without waiting times.