Panama has roped in Santo Blockchain to install 50 bitcoin ATMs in 2022. The Latin American nation will be the first country to benefit from the company’s newly purchased bitcoin ATMs. Colombia and Costa Rica are next on their list.
Santo Blockchain is keen to invest $1 million into LATAM in the new year as part of its 300 bitcoin ATM plan. Frank Yglesias, CEO of Santo Blockchain, said the company is on a journey to bring a new wave of crypto banking. Yglesias, who is also a crypto advisor to Panamanian congressman Alejandro Castillero, said it will help the people in Latin America. A large population of people in Latin America is either unbanked or unbankable. This includes about 15% of the Hispanics in the US.
People using these ATMs will be able to buy tiny amounts of BTC with cash. According to Santo Blockchain’s business model, the ATMs are linked to a layer-2 BTC wallet, which has been built by the company itself.
Yglesias, in Santo’s year-end podcast, said Panama is their first market as it is the gateway to the Americas in terms of trade and finance. Santo Blockchain regards Panama as a stepping stone to the broader LATAM’s cryptocurrency adoption.
Growth in Crypto ATM Market
According to Finbold, there were 14,040 bitcoin ATMs in operation at the beginning of the year and increased to 33,850 such ATMs as of December 28, 2021. This is a massive increase of nearly 20,000 ATMs. It should be noted that these machines do not only cater to bitcoin users but other cryptocurrencies as well.
The increase in crypto ATMs shows the significance of these machines. This is being driven by the growing popularity and adoption of cryptocurrencies across the world. Analysts believe the growth has also been pushed by suppliers and investors feeling optimistic about the crypto ecosystem.
Furthermore, a report by Allied Market Research expects the global crypto ATM market to hit $3.55 billion by 2030. The market is expected to register a CAGR of 58.5% from 2021 to 2030. This growth can be attributed to the increasing adoption of the cloud in SMEs and the need for efficiency and transparency in business processes