Spain’s BitBase to Install First Crypto ATMs in Argentina Next Year
The Spanish firm BitBase will install its first crypto ATMs in Argentina in 2025, as adoption continues to gather pace in the Latin American nation. Per the Argentinian media outlet Mercado, the Spanish company has set aside around $524,000 to back its initial foray into Argentina.
Crypto ATMs: Argentine Adoption
The firm said it would use the money to buy new crypto ATMs. It stated it would “install these in different parts of the country.” It will also use the funds to open stores and help it comply with local regulations, as it “prepares to launch” in Argentina.
The firm mentioned it has also hired 10 staff members to work in the country. It claimed to have struck partnership deals with local players like the influential NGO Bitcoin Argentina. The company said these deals would help “educate users and provide them with a space where they feel safe when operating with cryptoassets.” It added that its efforts would help Argentines “avoid possible crypto-related scams and fraud.” The company has set up a base in Recoleta, a central district in Buenos Aires.
Spanish Success?
BitBase launched in 2017 and now operates Bitcoin ATMs and other physical outlets in Spain. The company claims to have 135 cryptocurrency ATMs, 24 physical stores, 50 employees, and “over 35,000 active users.” Nadia Karabin, Regional Director and Partner at BitBase Argentina, said that within “a few months,” the firm “will add the option to buy and sell [cryptoassets] electronically with bank cards.”
The news comes hot on the heels of a “historic cooperation” deal struck between the El Salvador Digital Assets Regulator and Argentina’s National Securities Commission (CNV). iProU reported that the parties have signed a “strategic alliance.” They said this would help “promote the development and adoption of cryptocurrencies.” The deal will reportedly see Argentina focus on “strengthening its regulatory framework” to “safely and efficiently integrate cryptocurrencies into its financial system.” Despite a dip in inflation in recent months, the popularity of crypto continues to grow in Argentina. The CNV has recently indicated it is ready to change its stance on Bitcoin (BTC). The regulator says it is also open to working with domestic crypto ventures.