Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Athena says will install 1,500 cryptocurrency ATMs in El Salvador

Stock MarketsJun 24, 2021 09:35PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Eric Gravengaard, CEO of Athena Bitcoin Inc. shows the use of a Bitcoin ATM during a presentation ahead of a news conference in San Salvador, El Salvador June 24, 2021. REUTERS/Jose Cabezas/Files

SAN SALVADOR (Reuters) - Athena Bitcoin plans to invest over $1 million to install cryptocurrency ATMs in El Salvador, especially where residents receive remittances from abroad, a company representative said on Thursday.

According to Athena Bitcoin's website you can use their ATMs to buy bitcoins or sell them for cash.

The firm expects to gradually install some 1,500 ATMs, hire staff and open an office to carry out operations in El Salvador, which in June became the first country to adopt bitcoin as legal tender. The move takes effect in September.

El Salvador's President Nayib Bukele "presented us with a tough challenge of 1,500 ATMs, we will go for that, but in phases. We are a private company and we want to ensure that our development in the country is sustainable," said the firm's director for Latin America Matias Goldenhörn.

Bukele has touted the cryptocurrency's potential as a remittance currency for Salvadorans overseas.

"Initially we are going to bring dozens of machines, (we'll) test what the business model is like in El Salvador, which will probably be different than in the United States," Goldenhörn added.

A year ago Athena installed its first cryptocurrency ATM in El Salvador's El Zonte beach, some 49 km (30 mi) southwest of capital San Salvador, as part of an experiment called Bitcoin Beach aimed at making the town one of the world's first bitcoin economies.

The World Bank has said it cannot assist El Salvador's bitcoin implementation given environmental and transparency drawbacks, and the International Monetary Fund has said it saw "macroeconomic, financial and legal issues" with the country's adoption of the cryptocurrency.

Athena says will install 1,500 cryptocurrency ATMs in El Salvador
 

Related Articles

S&P 500 slips from record high as job growth slows
S&P 500 slips from record high as job growth slows By Reuters - Aug 04, 2021 14

By Echo Wang (Reuters) - The S&P 500 slipped from a record high on Wednesday as data signaled a sharp slowdown in jobs growth last month, while General Motors (NYSE:GM) tracked...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Benjamin McIntire
Benjamin McIntire Jun 25, 2021 1:30AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
25% transaction fees
MuraliKrishna Brahmandam
MuraliKrishna Brahmandam Jun 24, 2021 10:08PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
okay
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email