United States-based cryptocurrency ATM supplier CoinFlip has expanded to Mexico as part of its world growth plans.
In line with a press launch shared with crypto.information, CoinFlip has deployed its cryptocurrency ATMs throughout Mexico, marking the Latin-American nation as its eighth worldwide market. The rollout of those ATMs will span 20 places throughout Mexico Metropolis, concentrating on high-traffic areas like purchasing facilities and low retailers.
The corporate’s CEO, Ben Weiss, described the transfer because the “subsequent logical step” for CoinFlip, including that it might supply Mexicans a “handy, safe and simple means” to entry cryptocurrencies.
CoinFlip’s entry into Mexico completes its growth plans in North America, following its entry into Canada in 2022. The agency additionally provides companies in Australia, New Zealand, South Africa, Italy, Panama, and Brazil, with its greatest market being america.
Coinatmradar ranks CoinFlip because the second-largest crypto ATM supplier, with a community of over 5,200 machines put in globally. Nonetheless, the announcement states that it ranks first when it comes to transaction quantity.
CoinFlip provides crypto ATMs, additionally known as kiosks, with touchscreen interfaces that enable customers to purchase and promote cryptocurrency immediately utilizing money. These machines function a QR code scanner for the consumer’s pockets deal with, enabling the funds to be credited to the pockets with out typing out prolonged pockets addresses.
Moreover Bitcoin, the ATMs additionally assist different cryptocurrencies like ETH, DOGE, LTC, XLM, LINK and stablecoins like USDC, USDT and PAXG.
CoinFlip additionally has plans to broaden outdoors of Mexico Metropolis all through 2024.
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A crypto hotspot
In line with CoinFlip, citing a 2023 Chainalysis report, Mexico ranks 16 within the International Crypto Adoption Index. Alejandro Bravo, Nation Director of Mexico for CoinFlip expects “a major uptick in cryptocurrency possession within the Mexico market.”
On the time of publcation, Mexico housed no less than 86 Bitcoin ATMs, with most in its capital, Mexico Metropolis. In 2022, the nation made headlines after a Bitcoin ATM was put in within the senate constructing by the Celebration of the Democratic Revolution.
On the worldwide entrance, the variety of crypto ATMs have dropped to a complete of 38,789 down from an all-time excessive of almost 40,000 recorded in December 2022. The drop coincides with a surge in frauds and scams involving crypto ATMs that has drawn regulatory consideration.
On Aug. 20, Germany’s monetary watchdog BaFin seized 13 crypto ATMs, citing an absence of needed licensing and considerations round cash laundering. The regulator has warned that ATM operators who fail to adjust to native rules might withstand 5 years of jail time.
Learn extra: Crypto ATMs fraud and scams on the rise within the US: report