Uruguay has reportedly installed its first Bitcoin ( BTC ) ATM, making it the 11th South American country to publicly encourage cryptocurrency adoption. Prior to Uruguay's involvement, there were 79 ATMs in South America, representing 0.2% of global BTC ATM installations.
According to Ámbito, the first crypto ATM in Uruguay was installed in the coastal city of Punta del Este, a major tourist attraction in the region. The first Bitcoin ATM in Uruguay was developed and installed in partnership with two local crypto companies, URUbit and inBierto.
The crypto ATM in Uruguay currently supports withdrawals and deposits of five cryptocurrencies, namely - BTC, Binance Coin ( BNB ), Binance USD (BUSD), Ferret Token (FRT) and Urubit (URUB). FRT and URUB are internal cryptocurrencies managed and distributed by URUBit and inBierto, respectively.
Adolfo Varela, CEO of inBierto, confirmed that the initiative was 100% funded by the Uruguayan government. inBierto is a crypto investment platform that is also a member of the Uruguayan Chamber of Fintech (Cámara Uruguaya de Fintech), a startup gas pedal focused on the fintech sector. URUBit is a decentralized token created in Uruguay and implemented in Binance Smart Chain (BSC).
