Emerging Markets See Need For Crypto ATMs

by Marvin Dumont

Build it and they will come.

Venezuela’s inflation rate was 200,000% in Sept. 2018, according to International Monetary Fund (IMF). Argentina’s was 48% last year. At that rate, 1 million Argentine pesos would lose nearly half its purchasing power in 12 months.

People in Latin America (and other emerging markets) are increasingly adopting cryptocurrencies. It may be coercive more than voluntary as dysfunctional regimes print cash (and cause inflation) to finance government debt.

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There are 4,232 crypto automated teller machines (ATMs) worldwide with most located in North America and Europe, according to Coin ATM Radar. (That’s an 800% increase since Jan. 2015 when there were 471 machines globally.) Crypto ATMs let users buy and sell Bitcoin (and other cryptos, depending on machine) in exchange for cash, as well as, send remittances abroad.

Cryptobuyer (based in Panama) this year will open 10 ATMs in Venezuela, 10 in Mexico, and 10 in Argentina. Last year, a different company — Athena Bitcoin — installed 25 new machines in Latin America, earning $3 million in profits. In 2019, the company will roll out 150 new ATMs in Latin America, per CoinDesk.

There’s growing need for crypto ATMs in Asia and Middle East as well.

The lesson? It was a brutal bear market in 2018 but cryptocurrencies are offering solutions to real-world problems everywhere such as converting fiat to digital monies, and sending frictionless remittances.

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Decentralized Apollo Bank

In December, CW Crypto Traders in partnership with Apollo Foundation launched Decentralized Apollo Bank in South Africa. The location lets anyone buy Apollo all-in-one privacy currency using fiat cash. (See photos below.)

The South Africa bank is part of foundation’s strategy of establishing locations in major cities where legally permissible.

Contact Info:

CW Crypto Traders
Time Square, Shop 16, Central Avenue
Flamwood, Klerksdorp
2571 South Africa

Willie: +27723580363
willie.cwcryptotraders@koshcom.co.za

Cobus: +27840304349
cobus.cwcryptotraders@koshcom.co.za

Apollo Foundation’s roadmap includes setting up crypto ATMs in key cities worldwide. A connected world requires frictionless and trustless mediums of exchange. ATMs and physical locations can increase global adoption.