Very First Cryptocurrency ATM Installed In Uruguay

The ostensible first cryptocurrency ATM has been installed in Uruguay, developed as a joint initiative between Urubit and Inbierto. This represents a milestone for the country, which according to estimates has between 40K and 50K cryptocurrency users, whose primary avenue for purchasing crypto relies on peer-to-peer markets. The machine was developed by two national crypto companies: Urubit and Inbierto. 

The former focused on the software part of the system, and the latter provided the hardware for the ATM. With a cryptocurrency ATM, the possibility of being victim to a scam is said to be eliminated. Varela

Adolfo Varela, Inbierto’s CEO, states that one of the aims of this machine is to create trust in the cryptocurrency market in Uruguay where most crypto commerce happens in peer-to-peer markets that cannot go through banking due to lack of regulations. With a cryptocurrency ATM, the possibility of being victim to a scam is said to be eliminated. Varela believes they will keep growing and extending their crypto ATM network across the country.

Uruguay has entered the cryptocurrency ATM era with its first machine installed in Punta del Este, southeast of the country. The cryptocurrency machine was developed by two national crypto companies: Urubit and Inbierto. 

The former focused on the software part of the system, and the latter provided the hardware for launching an automated teller service that supports five cryptocurrencies (which include two national tokens). 

Regulation remains as a gray area in Uruguay but it had issued a statement in  October last year, declaring that these assets were not legal or illegal.

The first cryptocurrency ATM launched in Uruguay supports five cryptocurrencies (which include two national tokens). The companies have not introduced Ethereum support to the machines because they rely on the Binance Smart Chain. Diego Varela, Urbit’s CEO states that “Ethereum’s fees would deter users from using the machine, and that’s why BSC integration was opted for instead.”