According to Reuters, Argentina could see 30 new crypto ATMs installed in the country. With this machines, people would be able to buy and sell Bitcoin and other virtual currencies. As per the company in charge of the expansion, Athena Bitcoin, it is a great opportunity to enter the market amid peso volatility.
Crypto ATM Market Expands in Argentina
Athena Bitcoin is a U.S. company that works with cryptocurrency ATMs in different countries. The last month, it has launched the first Bitcoin ATM in Buenos Aires, and just some days ago, it has unveiled the second location in the city for the Bitcoin ATM.
At the same time, Odyssey Group, another important company in the sector, informed that it will be installing 150 ATMs by the end of the year. Oddysey Group explains that 80% of them will be bitcoin-operational during the first months of 2019.
Dante Galeazzi, Argentina operations manager for Athena Bitcoin informed:
“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.”
The company has already installed 12 Bitcoin ATMs in Colombia and a larger number of Bitcoin cash machines in the United States.
This is a great opportunity for the company to start operating in the country. The peso has lost 50 per cent of its value against the dollar during 2018, generating a crisis in the country. The inflation rate is also going to be this year between 40% and 45%. Demand for Bitcoin has also been growing this year in the country, something similar to what happened to Turkey.
Galeazzi said about this situation:
“With currency devaluations, we have seen a spike in Bitcoin transactions. We see that as a safeguard to (the peso’s)value, as well as an opportunity to invest in the market.”
Odyssey Group will launch ATMs that will not only be related to virtual currencies but also to traditional transactions and operations. Octagon is a company owned by Odyssey Group that will be processing the ATM transactions in the South American country. In the next year, the company expects to have 1,600 bitcoin-enabled ATMs installed in the country.
Both companies are also planning to launch in other countries in the region.
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