Uruguay has become the 11th South American country to officially install a Bitcoin ATM, making it the 11th country in the region.
According to local media in Uruguay, the country’s first Bitcoin ATM was built in the coastal city of Punta del Este, a significant tourist draw in the region. The first crypto ATM in the country was created by two crypto companies, URUBit and inBierto. However, inBierto’s CEO, Adolfo Varela, stated that the Uruguayan government fully sponsored the program.
inBierto is a cryptocurrency investing platform and a member of the Uruguayan Chamber of Fintech (Cámara Uruguaya de Fintech), a fintech business accelerator. URUBit is a decentralized cryptocurrency launched in Uruguay and is now available on the Binance Smart Chain (BSC).
BTC, Binance Coin (BNB), Binance USD (BUSD), Ferret Token (FRT), and Urubit are among the five cryptocurrencies supported by the machine (URUB). In addition, URUBit and inBierto, respectively, maintain and distribute in-house cryptocurrencies FRT and URUB.
Before Uruguay’s entry, South America had 79 ATMs, accounting for 0.2 percent of global BTC ATM installations.
South American Bitcoin ATM
Colombia currently leads the South American market with 31 crypto ATM installations, followed by Brazil and Argentina with 22 and 11 installations, respectively, according to crypto analytics firm Coin ATM Radar.
Ecuador, Venezuela, Aruba, Saint Kitts, Nevis, and other South American countries have also placed a crypto ATM.
Bitcoin ATMs are still regarded as a technological milestone in the crypto realm. Since their introduction in 2014, it has been one of the greatest solutions for people to receive digital coins without any hassle. Over 20,000 Bitcoin ATMs are expected to be added globally in 2021, bringing the total number of devices to 34,000.