Argentina got its first Bitcoin ATM installed last month in a Buenos Aires shopping mall. Now the South American nation could be getting as many as 30 cryptocurrency ATMs by the end of 2018 with the rising demand of Bitcoin.
The financial crisis in Argentina will be eased with the plummeted value of Peso. So far, the nation’s currency Peso has dwindled by 50 percent when valued against the US dollar in this year. With the value of Peso tumbling severely and inflation is believed to swell around 40 percent by the completion of 2018, the demand for world’s largest cryptocurrency has highly proliferated in Argentina. In other words, the growth of transactions in the digital currency has accelerated with the loss in Peso’s value against the US dollar.
A US company, Athena Bitcoin, installed the first Bitcoin ATM machine understanding the huge potential across the entire nation. Meanwhile, another US company, Odyssey Group is all set to foray its expansion in Argentina by installing around 150 cryptocurrency ATMs soon. Among those 150 ATMs, about 80 percent will be Bitcoin-operational within the first few months of 2019.
According to Dante Galeazzi, Argentina operation manager for Athena Bitcoin, with the rising demand of the digital currency ATMs all over the world, Argentina proved to have huge potential for capturing the market. “In Argentina, there were no commercial ATMs and the idea was to be the first to capture the market,” as reported on Reuters. He further added that investment in Bitcoin almost protects Peso’s value and gives a chance to make an investment in the market.
As far as Odyssey’s expansion plan is concerned, the company plans to install 1,600 Bitcoin ATMs in Argentina in 2019, AMBCrypto reported. Odyssey claims that its cryptocurrency ATMs will be the platform for the customers to not only buying and selling digital assets, those will also perform other activities such as withdrawal, deposit and transfer just same as traditional banks. Apart from Argentina, both the US companies are also trying to expand in Mexico, Brazil and Chile.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]