The joint effort between Paxful and CoinLogiq to bring bitcoin ATMs to Colombia follows research demonstrating high demand for BTC in the country.
Bitcoin marketplace Paxful has announced that it will be partnering with Medellín-based blockchain company CoinLogiq to bring a new wave of bitcoin ATMs to the Republic of Colombia.
There will be 20 ATMs set up under this plan, at least seven of which will be in the various Centro Comercial shopping malls located within the city of Medellín. These will not be the first bitcoin ATMs in the nation, but they will represent a major expansion of the technology.
Announcing this collaboration on September 5, 2019, Paxful said that its research has found large interest in the crypto space in Colombia, with more than 86 percent of respondents at least somewhat familiar with the technology and 80 percent indicating a willingness to invest in it.
Despite fluctuations in bitcoin price and interest, bitcoin has consistently been valued higher in Colombia, in terms of volume traded, than in most other nations worldwide. Trading data from LocalBitcoins shows that the volume of bitcoin traded with the Colombian peso has been making consistent gains over the past three years, with the volume returning to levels seen in November 2017 just weeks after a massive price spike and collapse in December 2017.
“Latin America has real heroes in the CoinLogiq crew,” Paxful’s CEO Ray Youssef said in a statement about its partnership with CoinLogiq. “They really care and are focused on real use cases. This is what makes bitcoin real and a part of people’s daily lives. We are proud to work with them.”
In addition to establishing 20 bitcoin ATMs in Colombia, the two companies also plan to install an additional 25 machines in the neighboring nation of Peru. These will be established in the nation’s capital of Lima and in other large cities throughout the country.