Athena Bitcoin, operator of bitcoin automated teller machines (ATMs) throughout the Americas, is poised to establish 1,500 new cash-to-crypto machines in El Salvador.
Funding of $1 million will help get operations underway, including the hiring of additional staff and opening an office ahead of the countryâs proposed Bitcoin Law, expected to come into effect on Sept. 7.
Matias Goldenhorn, Athenaâs director for Latin America, told CoinDesk via Telegram on Friday that while the market depth leading to the eventual success of his company in El Salvador was uncertain, it was âexciting.â
On June 8, El Salvadorâs legislature passed a bill proposed by President Nayib Bukele making bitcoin legal tender alongside the U.S. dollar. Crypto ATMs are seen as a way for people to interact with the physical world, particularly those who are not well-versed in cryptocurrencies, Goldenhorn added.
âIf adoption gets traction, 1,500 ATMs is roughly one in every 4,000 people,â said Goldenhorn. âIn the U.S. we used to do one in every 150,000, then one in every 100,000 ⦠But here it could be even more.â
See also: Itâs Official: El Salvadorâs Legislature Votes to Adopt Bitcoin as Legal Tender
The director also said his company was looking at twisting the cash logistics in a âdifferent wayâ and partnering with financial institutions on the ground.
âIn every [Latin American] country Iâve taken the company itâs a completely different ball game and we need to be very creative to be able to stay afloat,â said Goldenhorn.
Rather than staying in its âprofit comfort zoneâ in the U.S., Athena decided to pursue countries south of the border, Goldenhorn added. âWe truly believe in the mission of taking this to the people who need it the most.â