Argentina continues its expansion in the cryptocurrency market. In the near future, the South American country could see more than 100 new crypto-ATMs installed. It seems that Bitcoin ATM companies have seen a good opportunity to install these machines amid a trust crisis related to the country’s peso.
Argentina Installs New Crypto ATMs
The crypto-ATM industry has been expanded all over the world in the last years. However, Argentina seemed behind the adoption curve of crypto teller machines. Now, a company known as Athena Bitcoin has decided to install the first commercial Bitcoin ATMs in the country.
According to Reuters, Athena Bitcoin has installed in September the first machine at the Recoleta Mall. In the last days, the same company has also installed the second ATM in a central area in Buenos Aires. The company explains that they want to expand to other cities as well, such as La Plata.
About the expansion, Dante Galeazzi, Argentina operations manager for Athena Bitcoin, commented:
“Today, the cryptocurrency ATMs in the world are growing exponentially. In Argentina, there were no commercial ATMs and the idea was to be the first to capture the market.”
Additionally, the company Odyssey Group said that it will be installing 150 ATMs by the end of the current year. As per Odyssey Group, 80 per cent of these machines will be compatible with Bitcoin. Most of them will be operational within the first months of 2019.
This is a great moment for companies to enter the crypto-market in Argentina. The peso has lost more than 50% of its value against the US dollar in the last year. Investors are searching for alternative currencies to save money.
“With currency devaluations, we have seen a spike in bitcoin transactions,” Galeazzi said. “We see that as a safeguard to (the peso’s) value, as well as an opportunity to invest in the market.”
Those ATMs installed by Odyssey Group will also be compatible with traditional fiat currencies. At the same time, these machines will also allow users to sell their virtual currencies. In the future other digital assets such as Litecoin (LTC), Ethereum (ETH) or Bitcoin Cash (BCH) could be supported as well.
Both companies will also be expanding in other countries in the region. However, they did not give any specific date. The main intention is to grow in the Argentine market where there is a strong demand for cryptos.
According to CoinATMRadar, there are 76 countries with Bitcoin ATMs. The United States has 2290 machines, followed by Canada with 671 and Austria with 228.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.