Honduras has been a growing market for the cryptocurrency industry, with huge demand from investors for virtual assets. In an effort to meet local demand, TGU Consulting Group, a local Honduran firm, has set up a brand new crypto ATM in the country.
Tegucigalpa’s newest acquisition
The Honduran capital of Tegucigalpa recently became the proud owner of the country’s very first crypto ATM. Called lovingly, “La bitcoinera,” the machine allows people to buy Bitcoin and Ethereum coins using their local currency of lempira.
The arrival of the crypto ATM marks a new beginning for this Central American nation. Until now, investors in Honduras did not have any valid and authorized means to indulge in crypto trading. Everything had to be done through peers and not individually.
A transformation in the economy
Honduras is one of the few countries around the world, where certain job roles are paid solely through cryptocurrency. For example, some of the leading IT companies in Honduras pay their software developers in crypto. Having an ATM dedicated to bitcoin and ether may bring about a bigger shift, encouraging more companies to use cryptocurrencies as a valid payment mechanism.
If the crypto ATM becomes a hit with users, TGU Consulting Group plans to introduce more such ATMs around Tegucigalpa and even outside the capital. Considering that neighbor El Salvador recently legalized crypto as well, there are high hopes for the ATM to function well.
In order to purchase cryptocurrencies, buyers need to input their name, phone number, address, and other details. They are also required to provide their government-issued ID card for verification.
