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Sunday, May 22, 2022

Bitcoin ATM Is Now Officially Installed In Uruguay

According to news reports, Uruguay has made a landmark achievement and placed the first Bitcoin ATM in the country. As such, Uruguay becomes the 11th country in South America to openly encourage its public to adopt crypto.

The Uruguayan Bitcoin ATM

Before Uruguay, there were a total of 79 Bitcoin ATMs in the South American continent. This accounted for 0.2% of all the Bitcoin ATMs installed around the world.

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Ambito reported on the news first. They said that the first BTC ATM of the country was set up in Punta del Este, a city on the coast. It is also one of the biggest tourist destinations in that region. This BTC ATM was built as well as installed as part of a partnership involving two crypto companies in the locality. They are, namely, inBierto and URUBit.

At the moment, Uruguay’s Bitcoin ATM allows consumers to withdraw and deposit five different kinds of cryptocurrencies. They are Bitcoin (BTC), URUBit (URUB), Ferret Token (FRT), Binance USD (BUSD), and Binance Coin (BNB). Of them, URUB and FRT are cryptocurrencies that are in-house. The management and distribution of these two currencies are handled by inBierto and URUBit respectively.

inBierto’s CEO, Adolfo Varela, issued a confirmation about the Bitcoin ATM’s funds. He said that the Uruguayan government bore the entire cost of the project. inBierto is only a platform for investing in crypto but also one of the members of the Fintech Chamber of Uruguay. This is an accelerator for startups whose focus is on the sector of fintech. URUBit was made in Uruguay and is a type of decentralized token. Its current place of deployment is the BSC (Binance Smart Chain).

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Data indicates that in the market of South America, Colombia is the leader, having 31 Bitcoin ATMs to this day. 

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