A new report reveals the first crypto ATM installed in Uruguay. A joint venture between Urubit and Inbeirto has installed this ATM. Data suggests that there are 40k to 50k crypto users.
The Crypto market has seen fantastic growth in the previous year and this year seems to be the year of crypto. The adoption of crypto in a country with the poor economic condition is increasing. Uruguay has got its first crypto ATM, according to a report. Crypto regulation is still in the gray area as the country has stated that digital assets are not either legal or illegal. A roadmap for crypto adoption has been issued by the Central bank of the country but no further action on it.
First crypto ATM installed in Uruguay:
A new report reveals that Uruguay has got its first crypto ATM installed in Punta del Este, a city located in the southeast of the country. Urubit and Inbeirto, two companies famous for software works, have developed this crypto ATM. Inbeirto’s CEO has expressed that this one machine is developed to create trust of people in the crypto market. He further detailed:
We intend to continue growing in Maldonado, then Colonia, Montevideo and by the end of the year, we want to have coverage throughout the national territory. With this, it has happened to us that other countries have consulted us to be able to install it.
This crypto ATM supports only 5 coins of which two are national coins of Uruguay. These five crypto coins include BTC, BNB, BUSD, ferret token, and Urubit. The companies have not introduced Ethereum support to the machines because they rely on the Binance Smart Chain (BSC) to process transactions. Varela explained that Ethereum’s fees would deter users from using the machine, and that’s why BSC integration was opted for instead.
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