Argentina to See Huge Surge of Crypto ATMs Installed by 2019 Due to Peso Depreciation
Number Of Crypto ATMS To Rise To 1,500 In By 2019 Due To Depreciation Of Peso
Crypto ATMs provider and firm that devotes itself to making crypto investing as straightforward as possible, Athena Bitcoin has been dubbed as the first ever to bring the service to Buenos Aires in Argentina. The interest in establishing said ATMs in the noted location doesn’t come just from Athena Bitcoin, but also from another U.S-based firm, dubbed Odyssey Group.
Based on the claims made in a News BTC post, Odyssey Group hopes to see at least 80 percent of the planned 150 ATMs by the end of this year to be in full operation by the beginning of 2019.
It seems like the main reason for bringing out this many crypto ATMs is due to the fact that the peso’s value has fallen to nearly 50 percent. According to the Operations Manager at Athena Bitcoin, Dante Galeazzi, there is a high correlation between “currency devaluations” and the “spike in bitcoin transactions”. He also added that ATMs not only serve:
“As a safeguard to its [the peso’s] value, [but also] as an opportunity to invest in the market.”
So, what are the differences between the services provided by Athena Bitcoin and Odyssey Group? It seems like the former only permits its customers to invest in crypto (i.e. process of buying and selling), whereas the latter has also included “traditional bank transactions including depositing and withdrawing cash,” notes News BTC.
It is Odyssey Group, who plans to have provided 1,500 crypto ATMs in Argentina from exactly a year from now and the goal seems to be to expand across all of Latin America for both firms, with the former’s being managed by an its own firm, Octagon.
Galeazzi described Athena Bitcoin’s future target market as being “Chile, Brazil and Mexico,” while the remaining firm seems to have similar plans in mind. While the current ATMs only support Bitcoin investment, it has been revealed that moving forward, customers will be able to invest in altcoins such as Ethereum [ETH] and Litecoin [LTC] to name a few.
Do you think this move is idea for a country facing devaluing in their native currency? Will cryptocurrencies help said countries? Let us know in the comments below.