Athena has announced that it plans to install 1,500 new crypto ATMs across the country of El Salvador. It plans to do this ahead of the new bitcoin law. The bitcoin law will go into full effect on September 7. Athena plans to invest $1 million dollars into the project.
Athena Bitcoin is a cryptocurrency company that installs ATMs around the world. Their operations expand across Colombia, Argentina, and the US. Now they are adding the country of El Salvador to the list. Athena ATM’s service allows you to both buy and sell bitcoin as noted on their website.
According to Athena, El Salvador’s president has requested 1,500 ATMs. Salvadorian Officials admit that the ATM installation process does not come without infrastructure challenges, such as electrical and technological upgrades, nevertheless they are determined to overcome them all. The plan is to install the machines in phases, hiring new staff members, then eventually opening new offices, while allowing for a smooth transition.
The company currently has two experimental ATMs installed in El Salvador. The first is located at El Zonte beach and the other is at El Tunco beach. Both are apart of an widely known experiment called “bitcoin on the beach”.
By placing these ATM’s in the country is a direct response to President Nayib Bukele announcement of bitcoin becoming a legal tender on June 8. Officials expect that planting these machines now will help to improve the remittance business process and transaction times.
El Salvador is a relatively small country, it only measures 21 square kilometers. Therefore, with 1,500 ATMs, there will be one per every 14 square miles. This means that, there will be a bitcoin ATM location within a radius of a 10 minute walk. The plans objective is to make bitcoin conveniently availability for every citizen.
