Uruguay installs its first bitcoin ATM

Almost 20,000 bitcoin ATMs installed globally in 2021

According to Argentine economic newspaper Ambito, Uruguay has installed its first bitcoin ATM. 

Developed and installed by local cryptocurrency companies URUBit and inBierto, the ATM is thought to be the 80th such machine in South America. 

The ATM for the world’s first and largest cryptocurrency is located in Punta del Este, a coastal city and one of Uruguay’s largest tourist destinations. 

In addition to bitcoin, the ATM allows users to deposit and withdraw URUBit (URUB), binance USD (BUSD), binance coin (BNB) and ferret token (FRT). The decentralised token of URUBit, URUB is deployed on the Binance Smart Chain. 

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InBierto CEO Adolfo Varela revealed that the Uruguayan government had completely funded the endeavour. The company is a member of the Uruguayan Chamber of Fintech, a startup accelerator that seeks to develop the nation’s fintech sector. 

South American and global context

Uruguay is now the 11th South American country to install a cryptocurrency ATM. With only one machine, however, the nation still has some way to go if it wants to surpass its neighbours. Colombia currently leads the pack with 31 machines, followed by Brazil and Argentina with 22 and 11 installations, respectively. 

An expansion of such machines is widely expected to continue into 2022. Last year, having started at 14,042, the number of bitcoin ATMs deployed around the world rose to 34,215, according to Coin ATM Radar. 

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