As a seasoned researcher with a keen interest in the ever-evolving world of cryptocurrencies, I find the expansion of CoinFlip into Mexico to be a strategic move that underscores the growing global acceptance and demand for digital assets. Having closely followed the crypto landscape for years, it’s fascinating to witness the transformation of countries like Mexico from being mere observers to active participants in the decentralized economy.
In line with its global growth strategy, the U.S. based company offering cryptocurrency Automated Teller Machines (ATMs), CoinFlip, is now extending its services into Mexico.
Based on a news article sent to crypto.news, CoinFlip has put up cryptocurrency machines in Mexico, making it their eighth international market. Over the next while, these ATMs will be installed in 20 different locations across Mexico City, focusing on busy spots such as shopping malls and coffee shops.
In simpler terms, Ben Weiss, the head of CoinFlip, referred to this action as the natural progression for their company. He emphasized that this decision will provide Mexicans with an effortless, secure, and hassle-free method to utilize cryptocurrencies.
After establishing operations in Canada last year, CoinFlip’s move into Mexico marks the fulfillment of their growth strategy across North America. In addition to North America, they provide services in Australia, New Zealand, South Africa, Italy, Panama, and Brazil, with the US being their primary market.
According to Coinatmradar, CoinFlip stands as the second-largest cryptocurrency ATM provider, boasting more than 5,200 machines deployed across the globe. Interestingly, they lead the market in terms of transaction volume, as stated in their recent announcement.
CoinFlip provides crypto Automated Teller Machines (ATMs), often referred to as kiosks, equipped with touchscreens that let users purchase and sell cryptocurrencies using cash instantly. These machines come with a QR code scanner for the user’s digital wallet address, making it easy to deposit funds into their wallet without having to manually input long wallet addresses.
In addition to Bitcoin, these ATMs also accommodate various digital currencies such as Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), Stellar Lumens (XLM), Chainlink (LINK) and stablecoins like USD Coin (USDC), Tether (USDT), and Gold-backed PAX Gold (PAXG).
CoinFlip also has plans to expand outside of Mexico City throughout 2024.
A crypto hotspot
Based on the 2023 Chainalysis report, as mentioned by CoinFlip, Mexico stands at the 16th position in the Global Cryptocurrency Adoption Index. Alejandro Bravo, Country Director of Mexico for CoinFlip, anticipates a substantial increase in cryptocurrency ownership within the Mexican market.
As a researcher, I’d like to share an interesting fact: At the time of publication, at least 86 Bitcoin Automated Teller Machines (ATMs) were operational within Mexico, with the majority of them located in its bustling capital, Mexico City. Intriguingly, during the year 2022, Mexico made national news when a Bitcoin ATM was installed within the Senate building, a move spearheaded by the Party of the Democratic Revolution.
Worldwide, the count of cryptocurrency Automated Teller Machines (ATMs) has decreased to approximately 38,789 from a previous peak of nearly 40,000 recorded in December 2022. This decline correlates with a spike in fraudulent activities and scams linked to these ATMs, which have attracted scrutiny from regulatory bodies.
On August 20th, Germany’s financial regulatory body, BaFin, confiscated 13 cryptocurrency Automated Teller Machines (ATMs). This action was taken due to the lack of necessary licensing and suspicions about money laundering activities. Operators of these ATMs who do not adhere to local regulations risk imprisonment for up to five years, as cautioned by the regulatory authority.
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2024-08-26 16:17