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Over 180 Bitcoin ATMs To Operate Soon In Argentina

06:33 05/10/2018

In Argentina, about 30 crypto ATMs, which carry out operations for bitcoin sale and purchase, will be installed by the end of 2018; in total, 180 such machines are planned to be launched in the coming months, Reuters reports.


In September, American company Athena Bitcoin, which specializes in developing crypto ATMs, installed the first such ATM in a shopping center in Buenos Aires. The representatives of Odyssey Group, another US-based company, stated that they intend to launch 150 crypto ATMs in Argentina, more than 80% of which will start supporting bitcoin operations in early 2019.


Dante Galeazzi, operations manager at Athena Bitcoin in Argentina, stressed that the introduction of commercial ATMs has never been practiced within the country until now, and by launching the first crypto ATMs, the company will become a pioneer in the digital market domestically.


Following the financial crisis in Argentina, which is expected to make surge the inflation rate above 40% by the end of 2018, the demand for Athena Bitcoin products may significantly increase on the crypto market.


Argentina has witnessed a global demand for crypto because of the peso devaluation, the price of which has halved to the US dollar. Galeazzi emphasized that they intend to strengthen the national currency by installing crypto ATMs in the country.


Apart from the bitcoin purchase and sale transactions that Athena Bitcoin offers, Odyssey crypto ATMs will also perform traditional banking transactions, namely deposits, cash withdrawals, and money transfers.


Octagon, a firm owned by Odyssey Group, plans to install in Argentina approximately 1,600 crypto ATMs in 2019.


As previously reported, the demand for cryptocurrency among Venezuelans has increased sharply in view of the longtime economic crisis in the country.

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