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Spanish Exchange BitBase Opened Its First Store in South America

Published Jul 21, 2022 03:00PM ET Updated Jul 21, 2022 04:00PM ET
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© Reuters. Spanish Exchange BitBase Opened Its First Store in South America
 
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  • This is the thirtieth cryptocurrency store opened by the company and the only one to be launched in Latin America.
  • The Spanish startup is also increasing the installation of Bitcoin ATMs inside and outside of Spain.
  • The Paraguayan Senate recently approved a bill to regulate the trading of digital assets.

The Spanish cryptocurrency exchange BitBase has just opened its first store in Paraguay, with which it hopes to start its expansion in other Latin American countries. This is the first and only physical cryptocurrency trading store operating in the South American country.

The company’s first physical exchange for buying and selling cryptocurrencies outside of Spain opened in Lisbon, Portugal, at the end of January. With this, the Spanish startup inaugurates its thirtieth cryptocurrency store.

The store was inaugurated on July 18 in a central neighborhood of Asunción, right in front of CC Shopping Mariscal. Like other company stores, the new physical establishment has several ATMs for Bitcoin and other cryptocurrencies.

After launching in Barcelona five years ago, the Spanish startup has grown to become the most important cryptocurrency company in Spain, where it owns several dozen cryptocurrency ATMs.

International Expansion Continues

The company told DailyCoin that it hopes to further advance its international expansion this year. The next launch could be in Venezuela in the coming months, where a growing cryptocurrency trade operates.

Several of BitBase’s cryptocurrency stores in Spain and Portugal operate under the franchise model. So far, the 30 open stores have installed a total of 90 ATMs, but the company hopes to reach 100 very soon.

The company is expanding the installation of ATMs for Bitcoin and other cryptocurrencies inside and outside of Spain. In fact, it is the company with the most digital currency dispensers installed in the country and the third in Europe.

Spain currently has the largest number of cryptocurrency ATMs in Europe, followed by Switzerland. Around the world there are already 38,116 cryptocurrency vending machines, according to data from CoinATMRadar.

The ranking of cryptocurrency ATMs is led by the United States with 33,518 of these machines installed. This figure represents 87.9% of all cryptocurrency ATMs in the world today.

Of the 1,423 ATMs in Europe, almost 100 belong to BitBase (6.3%). The advancement of cryptocurrency trading in the region has led this company and others to increase the number of ATMs available to facilitate crypto transactions.

On the Flipside

  • The launch of BitBase’s physical cryptocurrency store coincides with the approval in the Paraguayan Senate of a bill to regulate the mining and trading of virtual assets.

Continue reading on DailyCoin

Spanish Exchange BitBase Opened Its First Store in South America
 

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