Installation of New Crypto ATMs to Encourage Adoption of Cryptocurrencies

The installation of new crypto ATMs is growing considerably across the world with adoption in cryptocurrencies and the need for easy methods for withdrawal and deposits. Market players have been joining hands to accelerate the installation of crypto ATMs and governments are encouraging them to fund the installation. From South American countries such as Uruguay to Central American countries such as Honduras, many countries have been adopting crypto ATMs for their citizens. Moreover, crypto ATM operators are joining hands with gas station and convenience store companies to expand their network of crypto ATMs. Coinsource partnered with Kwik Trip for installation of new crypto ATMs. Coinsource began the installation of cryptocurrency ATMs at nearly 800 retail stores of Kwik Trip. The demand for crypto ATM for convenience, flexibility, and ease in use will increase in the coming years. According to the report published by Allied Market Research, the crypto ATM market is expected to reach $3.55 billion by 2030. Following are some of the activities taking place across the world.

The installation of new ATMs is one of the major trends taking place across the world as people are getting more attracted toward investing in cryptocurrency. Uruguay is another country that installed its first crypto ATM. Governments have been encouraging its citizens to adopt cryptocurrency and this installation is one of the major steps. The new crypto ATM has been installed in the coastal city of Punta del Este. URUBit and inBierto joined hands for development and installation of crypto ATM at one of the major tourist attractions in the country.

The newly installed crypto ATM supports deposit and withdrawal of five cryptocurrencies including bitcoin (BTC), Ferret Token (FRT), Binance USD (BUSD), Binance Coin (BNB), and Urubit (URUB). Out of these cryptocurrencies, URUB and FRT are in-house cryptocurrencies that are distributed and managed by inBierto and URUBit respectively. This initiative has been entirely funded by the government of Uruguay. The trend of installation of crypto ATMs in the South American market continues with Colombia leading with 31 crypto ATMs, followed by Brazil and Argentina. Other countries from the region such as Venezuela, Ecuador, Aruba, and others also installed an ATM for cryptocurrencies.

The trend of installation of crypto ATMs continue with a country from the Central American region installing the first ATM. Honduras installed its first crypto ATM. This ATM was installed in the capital of Tegucigalpa. Honduran firm TGU Consulting Group installed the crypto ATM, which enables uses to avail cryptocurrencies such as Bitcoin and Ethereum with the help of lempira currency. The TGU group aims to educate about availing virtual assets and the installation of this ATM is aimed at providing first-hand experience to people. There were no automated ways of purchasing cryptocurrencies available in the country before the installation of this ATM. Users need to scan official identification document and put personal data in ATMs. Paying through cryptocurrencies is cheaper option as compared to sending remittances. This installation will help in educating people and carrying out lesser expensive operations.   

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