Cryptomats are special devices that allow the purchase of digital assets using cash. In some countries, this can be done anonymously, i.e. without revealing one’s identity, which adds points in favour of such devices.

However, there is a significant disadvantage with cryptomats. It is about inadequate exchange rates, which often differ significantly from what happens on exchanges. This way, the manufacturing companies make a profit and can afford to keep maintaining the devices.

Cryptocurrency ATMs

In general, cryptocurrency ATMs are aimed at newcomers who are unfamiliar with the various ways of acquiring coins and are therefore willing to overpay. More experienced investment enthusiasts are probably aware of the existence of P2P services that allow you to buy crypto by bank transfer to other platform users. In this case, the platforms act as a guarantor for the transactions – they hold the funds until all conditions of the transaction are met.

Where Bitcoin is becoming more popular

Punta del Este is an important tourist city for Uruguay, so the decision to install a crypto machine was a very logical one for this location. The process was handled by URUBit and inBierto, which had previously entered into a partnership. Currently, the crypto machine supports the ability to deposit and withdraw five cryptocurrencies: Bitcoin, Binance Coin, Binance USD, Ferret Token (FRT) and URUbit (URUB).

FRT and URUB are proprietary tokens of the aforementioned companies, which means that such devices allow companies to earn more than just transaction fees.

Growth in the number of cryptocurrencies in the world

According to Cointelegraph’s sources, inBierto CEO Adolfo Varela has confirmed that the Uruguayan government has funded the development and installation of the cryptocurrency 100%. As a reminder, inBierto is a cryptocurrency investment platform that is also a member of Cámara Uruguaya de Fintech. It is an accelerator for startups focused on the fintech sector.

However, Colombia still holds the lead in terms of the number of cryptocurrency terminals in South America. The country has 31 terminals for buying and withdrawing cryptocurrencies. Brazil and Argentina come second and third with 22 and 11 cryptomats respectively. Other South American countries like Ecuador, Venezuela, Aruba, St. Kitts and Nevis also have one crypto terminal each.

Distribution of cryptomats by country in South America


We checked the current data: the leader in the number of cryptomats is the US. This country has almost 31 thousand locations with such devices. The second and third places belong to Canada and El Salvador respectively. In Russia, there are 59 known cryptomats.


List of countries with the indicated number of cryptomats

It is possible that the trend of state adoption of Bitcoin, started by the government of El Salvador, will spread to this region as well. Last year, local Senator Juan Sartori introduced a bill that establishes new rules to regulate digital assets and regulate the process of adoption by businesses.


In addition, as it was revealed the day before, Bitcoin could be recognised as official tender in another country. This is the kingdom of Tonga, a small state located in Polynesia.

As the former MP said the day before, acceptance of Bitcoin will benefit him. In addition, the stages of recognising BTC as a means of payment have already been outlined, which means that it's only a matter of time before the issue is resolved. According to preliminary data, the country will be able to pay with crypto by the end of 2022.


Bitcoin’s potential


We believe this development is significant for the cryptocurrency industry as a whole. Still, locals will now have the opportunity to buy coins for cash - albeit not at the best rate. In any case, the crypto machine could be a good starting point for interacting with digital assets and delving deeper into this world.