- For the join between Paxful and CoinLogiq, Colombians have access to 20 new cryptocurrency ATMs to buy and sell crypto in a way that is simple, fast, and secure.
- These cryptocurrency ATMs are available in shopping centers and points of interest throughout the main Colombian cities such as Bogota and Medellín.
- The use of digital currencies has increased such that the national government and regulators are working to regulate this practice in order to facilitate more secure and interesting environments for users.
Paxful, a leading global peer-to-peer bitcoin marketplace, announced its latest alliance with CoinLogiq, a blockchain company based in Medellin, for the opening of 20 new ATMs. The partnership will encourage people to withdraw digital currencies in the area and other cities in Colombia.
These ATMs allows users to transact with digital currencies in a simple manner—just as they do with other types of payment, like traditional cash. In addition, the alliance between the two companies will allow users to access the Paxful Kiosk which is integrated onto each ATM, giving customers the ability to buy bitcoin using different payment methods, such as online transfers, gift cards, and other more traditional methods like cash and credit and debit cards. Users can also send and receive money using cryptocurrency through the ATMs.
“Latin America has real heroes in the CoinLogiq crew. They genuinely care and are focused on real use cases. This is what makes bitcoin real and a part of people’s daily lives. We are proud to work with them,” said Ray Youssef, CEO and co-founder of Paxful.
All ATMs offer both buying and selling capabilities of multiple cryptocurrencies. Anyone can use them to buy or sell crypto in a way that is simple, fast, and secure through an interface as intuitive as a smartphone.
Although these ATMs will not be the first of their kind available in Colombia, the technology is still new territory for Colombians. At the moment, there is still much to explore regarding the use of cryptocurrencies in the country since traditional currencies are still the most commonly used. It’s no secret that the new generations look for more “universal” options available for use in any market. In a recent survey commissioned by Paxful, 80% of the respondents said that they are open to investing in cryptocurrency.
This is confirmed by the Global Digital 2019 report, which states that in the case of online transactions, 37% of the global population is making use of virtual wallets that can be managed from their mobile phones to make transactions and it has been reported that 7.7% of Colombians have already started to invest in digital currencies .
“I am now even more convinced that mass adoption will not happen without the influence of the kind of synergy that can now exist as a result of this Paxful and CoinLogiq joint venture. We are both hopeful that our work together will encourage many more such relationships for other global leaders within the crypto community,” said CoinLogiq CEO, Dwayne Golden Sr.
Currently, Colombia is experiencing a crucial moment for the cryptocurrency industry. The interest of Colombians have of adopting digital currencies is so visible that the Republic Bank is already part of the Distributed Ledger Technology (DLT) initiative, or blockchain initiative, to provide greater security and tranquillity to the growing rate of users who already use these cryptocurrencies.
“The peer-to-peer financial revolution continues to mature in Latin America. This alliance between Paxful and CoinLogiq will contribute to the adoption and acceptance of cryptocurrencies among Colombians and Latin Americans in general. This partnership will not only be concentrated in Colombia, but also in Peru, where another 25 cryptocurrency ATMs will be installed in important points of the main cities throughout the country,” says Magdiela Rivas, Paxful’s Manager for Latin America.
Here are some locations of the ATMs:
- Tienda SkyMotion – Centro Comercial Santa Fe
- Tienda Dime Tecnología – Centro comercial Oviedo
- Centro comercial Monterrey
- Tienda Flash Video Games – Centro comercial La central
- Centro comercial – Tesoro
- Centro comercial – Molinos
- Centro comercial – Obelisco