Crypto enthusiasts from Uruguay will be thrilled to know that the coastal city of Punta del Este has installed its first-ever Bitcoin (BTC) ATM. This marks the 11th South American country to promote cryptocurrency adoption publicly. Before the involvement of Uruguay in the crypto space, South America already had about 79 ATMs available, representing approximately 0.2% of BTC ATM installations in the world.
According to Ámbito, the first crypto ATM in Uruguay is in Punta del Este, a coastal city that also happens to be a major tourist attraction. The development and installation of Uruguay’s first Bitcoin ATM collaborate with URUBit and inBierto, two local crypto companies.
The newly-installed crypto ATM currently supports withdrawal and deposits of five different crypto projects. Specifically, enthusiasts can withdraw or deposit BTC, Binance Coin (BNB), Binance USD (BUSD), Ferret Token (FRT), and Urubit (URUB). For those who aren’t familiar with FRT and URUB, these are in-house cryptocurrencies by URUBit and inBierto, respectively.
inBierto CEO Adolfo Varela verified that the Uruguayan government is 100% funding the initiative. inBierto is a crypto investment platform, but not only that, it’s a part of the Uruguayan Chamber of Fintech (Cámara Uruguaya de Fintech). On the other hand, URUBit is a decentralized token developed in Uruguay, and it’s listed on the Binance Smart Chain (BSC).
As per Coin ATM Radar’s data, Colombia leads the South American market with its 31 crypto ATMs. Next is Brazil with 22 installations and Argentina with 11 installations. As for other countries like Venezuela, Aruba, Saint Kits, Ecuador, and Nevis, only have one crypto ATM installed so far.