Peer to peer cryptocurrency exchange, Paxful, partners with Colombia based, CoinLogiq, to launch Bitcoin ATMs across Colombia and Peru.
A press release on Sept. 5 from Paxful confirmed the opening of 20 new Bitcoin kiosks across Colombia with 25 more expected to be opened in Peru ‘soon’. The partnership with CoinLogiq is expected to ease buying and selling of BTC in the country in a bid to increase the adoption rates of the coin.
The ATMs will be spread across major cities in the country providing potential customers the ability to purchase Bitcoin using a number of option. Uses can use legacy methods such as bank cards, wire transfers and cash or gift cards and online transfers to purchase BTC at the ATMs.
Ray Youssef, CEO and co-founder of Paxful shared his comments on the partnership praising the South American crypto firm. He said,
“Latin America has real heroes in the CoinLogiq crew. They genuinely care and are focused on real use cases. This is what makes bitcoin real and a part of people’s daily lives. We are proud to work with them.”
Following the installation of ATMs across the country, CoinLogiq CEO, Dwayne Golden Sr., believes cryptocurrencies are on the brink of mass adoption with such partnerships that ease user adoption of BTC.
Bitcoin development in Colombia
According to CoinATMRadar, Colombia boasts of over 46 Bitcoin ATMs across the country, double the total number in the South American region. Peru will add the 25 Bitcoin ATMs to its existing 2 locations, which effectively makes the country one of the 20 states with over 25 Bitcoin ATM locations.
As reported on BEG in August, over 80% Of Colombians are open to using cryptocurrencies with Bitcoin being the most favorable choice of asset. Neighboring countries – Venezuela and Argentina – are forced into using the digital asset to protect themselves from the hyperinflation in the country which has caused an increase in the amount of Bitcoin bought in Colombia which is then sent to Venezuela as remittance.
Despite the progress the industry is witnessing in the country, the government authorities have warned citizens against the ownership and trading of cryptocurrencies. Furthermore, the government released a statement earlier in the year in regards to the regulation of the industry in Colombia.