Bitcoin affiliate Athena Bitcoin ATM is reported to have started installing 1,500 Bitcoin ATMs and promised to do so by the head of state after a law was passed making BTC legal tender in the country. agreed.
El Salvador’s president, Najib Boukhel, “presented us with a tough challenge of 1,500 ATMs, we will work on it, but in stages. We are a private company and we want to ensure that our development in the country is sustainable,” Athena Bitcoin director for Latin America Matthias Goldenhorn said. Reuters. “Initially we will bring in dozens of machines, (we will) test the business model in El Salvador, which will probably be different than it is in the United States.”
Athena installed the first Bitcoin-powered ATM in El Salvador last year for a company Bitcoin Beach The community at El Zonte. Now, a few days after the new ambitious intent was announced, Athena has It said She started installing her hardware. The second ATM in the country to buy and sell bitcoin has been set up in the mall in La Libertad.
According to a local news outlet money in the pictureAccording to Goldenhörn, Athens plans to install 14 ATMs in the first phase of the operation. The machines will be installed in malls and gas stations, seeking to expand bitcoin services in the country’s leading commercial districts.
The company also expects to open an office in El Salvador to help carry out operations in the country, including hiring staff, it reported Reuters.
The fees and requirements that the machines will require to provide bitcoin buying and selling services in El Salvador are unclear. However, as a public company Procedure, a Salvadoran who chooses to use the service provided by ATMs in Athens must provide at least his phone number for registration. But some form of identification, such as a driver’s license, may also be required, although this depends on the jurisdiction of the ATM location.
In terms of fees, ATMs are usually very expensive. Automated teller machine offline Installed on Bitcoin Beach BTC is selling more than 3% above the market price at the time of writing, and will buy about 6% below the market price. Notably, the customer pays for the convenience offered.
In addition, Athena Bitcoin ATMs will likely compete with Cash points used by Strike, the Lightning Network startup that helped the president create its own bitcoins as a legal tender invoice. although strike It does not charge a fee for converting US dollars to BTC, the fee structure of the cash points itself is not clear.
However, the arrival of 1,500 bitcoin ATMs in El Salvador in time for bitcoin to become legal tender in September is significant for the country. With its new and clearly defined legal framework regarding BTC, the Bitcoin ecosystem in the country is thriving and developing.
Last week, Bukele announced in the country Official Bitcoin Wallet, which allows citizens to hold both US dollars and bitcoins, as well as seamless transfer between them. The aforementioned Strike also offers bitcoin services in the country, taking advantage of the Lightning Network. By providing various Bitcoin services to its people, El Salvador is set to feed and enjoy a more efficient, accessible and Bitcoin-enabled cash network.