Another 10 ATMs will be available in Brazilian territory by the end of November. Users will be able to exchange bitcoins, and 29 other cryptocurrencies, for reais in cash.
The bitcoin ATMs already arrived in the country of Samba and Bossa Nova, Brazil receives the month of November the premiere of the first of these ATMs in its territory. A milestone that draws attention if we consider that the nation has one of the largest and most active cryptocurrency markets in Latin America.
The installment of the ATM occurred earlier this month; you can find the machine in the lobby of the Sheraton WTC hotel in the populous city of São Paulo. This building is on Avenida “das Nações Unidas”, specifically at number 12.559 in the New District of Brooklyn. Because it is a hotel, there is the possibility that the cashier is available 24 hours a day.
The installation has been conducted by a US firm specialized in the cryptocurrency ATM market, Coin Cloud; that sells the ATMs manufactured by the Bitaccess BTM company. This year Coin Cloud decided to expand outside the North American continent, a territory where some 850 machines are active according to 2020 records.
Now the short-term commercial plans of Coin Cloud are in Brazil, where they expect that by the end of November there will be a total of 10 Bitcoin ATMs (BATM). Although, the company has not yet specified where it will locate the rest of the machines since August Coin Cloud promised that it was completing several deals in the main cities of Brazil.
Isabela Rossa, head of international business at Coin Cloud, highlighted that the firm hopes to be successful in the Brazilian market, noting that there is a cryptocurrency boom that can be useful. “As the Brazilian is already used to ATMs and QR Code, we do not doubt the adoption that this market will have here in Brazil,” he said for the media.
Coin Cloud ATMs allow both the purchase and sale of bitcoins in exchange for the official currency of Brazil in cash, the Brazilian real. 29 other cryptocurrencies can also be acquired, such as Ethereum’s ether, litecoin, and Ripple’s XRP.
Brazilians will be able to buy bitcoins on these machines for a minimum of 10 reais, a value that is equivalent to almost 2 US dollars. On the other hand, the minimum bitcoins they can exchange for reais or sell is 50 reais, about 9.29 US dollars. ATMs also have a purchase maximum of about 5,000 reais, which is almost 1,000 US dollars. If the client is interested in acquiring more money, they must fill out a form with their data and follow the steps of the anti-money laundering and KYC regulations.
Local media claim that although ATMs are a novelty for Bitcoin users in Brazil, there is concern that this service is too expensive. For example, the transaction fee at a Coin Cloud ATM can be 7 to 15% on the operation. A rate that is above other cryptocurrency exchanges that make life in the nation. However, it will be up to each user whether they use these devices or not.
While Brazil is joining the market for Bitcoin ATMs, these devices are proliferating worldwide. For October, a total of 11 thousand of these devices were reached around the world, the majority concentrated in the United States. However, Latin America is heading the front, and Colombia goes ahead with 59 ATMs. Panama, the Dominican Republic, Argentina, and Chile are other countries with a large presence of ATMs in their territory.
By: Jenson Nuñez.