BitBase, a Spanish firm, plans to install its first cryptocurrency ATMs in Argentina next year. This move comes as the adoption of cryptocurrencies gains momentum in the Latin American country. According to Argentine media outlet Mercado, BitBase has allocated approximately $524,000 to support its initial entry into Argentina.
The company intends to use the funds to purchase new crypto ATMs and install them in various locations throughout the country. Additionally, the money will be used to open stores and ensure compliance with local regulations as BitBase prepares to launch its operations in Argentina.
To support its expansion, BitBase has hired 10 employees to work in the country and established partnership agreements with local entities such as Bitcoin Argentina, a prominent NGO. These partnerships aim to educate users and provide them with a secure environment for conducting transactions with cryptoassets. BitBase emphasized that its efforts will help Argentines avoid potential scams and fraud related to cryptocurrencies. The company has established a base in Recoleta, a central district in Buenos Aires.
BitBase, which started in 2017 and currently operates Bitcoin ATMs and physical stores in Spain, claims to have 135 cryptocurrency ATMs, 24 physical stores, 50 employees, and over 35,000 active users. Nadia Karabin, the Regional Director and Partner at BitBase Argentina, stated that the company plans to introduce the option of buying and selling cryptoassets electronically with bank cards in the coming months.
This announcement follows a significant cooperation agreement between the El Salvador Digital Assets Regulator and Argentina’s National Securities Commission (CNV). The agreement, described as a “strategic alliance,” aims to promote the development and adoption of cryptocurrencies. As part of the deal, Argentina intends to enhance its regulatory framework to integrate cryptocurrencies into its financial system in a safe and efficient manner.
Despite a recent decrease in inflation, the popularity of cryptocurrencies continues to rise in Argentina. The CNV has indicated its willingness to reconsider its stance on Bitcoin and expressed openness to collaborating with domestic crypto ventures.
