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Uruguay is said to have the world’s first cryptocurrency ATM

Uruguay has reportedly gotten its first cryptocurrency ATM, which has already been installed in Punta del Este, a city in the country’s southeast. Urubit and Inbierto, two national cryptocurrency firms, designed the cryptocurrency machine. The former was in charge of the system’s software, while the latter was in charge of the ATM’s hardware.

One of the goals of this machine, according to Inbierto CEO Adolfo Varela, is to build trust in the cryptocurrency market in the country, where most crypto trade occurs in peer-to-peer markets that cannot go via banking due to a lack of rules. The risk of being a victim of a fraud is stated to be removed when using a bitcoin ATM.

Varela expects the company will continue to expand its crypto ATM network across the country. He explained:

“We intend to continue growing in Maldonado, then Colonia, Montevideo and by the end of the year we want to have coverage throughout the national territory. With this it has happened to us that other countries have consulted us to be able to install it.”

Only five cryptocurrencies (including two national tokens) are supported by the crypto ATM.

That’s, ferret token, urubit, bitcoin, binance coin (BNB), and binance USD (BUSD).

So, Because they rely on the Binance Smart Chain (BSC) to conduct transactions. Of course, the companies have not added Ethereum functionality to the devices. The fees associated with Ethereum would prevent people from utilizing the machine. That’s, according to Varela, which is why BSC integration was chosen instead.

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