Uruguay Installs First Crypto ATM In Major Tourist Hot Spot

The first Bitcoin (BTC) ATM has reportedly been installed in Uruguay’s Punta del Este, making it the 11th Latin American country to openly support crypto adoption.

As reported in Ámbito, Uruguay’s first crypto ATM in the major tourist hot spot of the country, was developed and installed in partnership with two local crypto companies, URUBit and inBierto.  The ATM supports withdrawal and deposits of five cryptocurrencies, BTC, Binance Coin (BNB), Binance USD (BUSD), Ferret Token (FRT) and Urubit (URUB). FRT and URUB are the URUBit and inBierto coins respectively.

Ámbito cites Adolfo Varela, the CEO of inBierto, who confirmed that the placement of the ATM was 100% funded by the Uruguayan government. inBierto is a crypto investment platform and member of the Uruguayan Chamber of Fintech (Cámara Uruguaya de Fintech), a startup accelerator focused on the fintech sector.

Prior to Uruguay’s move, South America hosted 79 ATMs, which only represents a miniscule fraction of global BTC ATMs (0.2%). of global BTC ATM installations. Coin ATM Radar shows that Colombia leads the market in South America with 31 crypto ATM installations to date, with Brazil and Argentina following at 22 and 11 machines.