Athena Bitcoin, the famous company known for offering a different way to purchase digital currencies through ATMs, is planning to start operating in El Salvador.
Athena, founded in 2015, intends to invest more than $1 million in the installation of 1,500 automated teller machines (ATMs) throughout El Salvador. People will be able to buy crypto using cash or even sell it for the national currency.
“[El Salvador’s President Nayib Bukele] presented us with a tough challenge of 1,500 ATMs, we will go for that, but in phases. We are a private company, and we want to ensure that our development in the country is sustainable.”Matias Goldenhorn, Athena’s director for Latin America
The company, headquartered in Chicago, Illinois, expects to locate the devices all over the country. Anyhow, the most targeted cities will be those where residents receive more remittances from abroad.
“Initially, we are going to bring dozens of machines, (we’ll) test what the business model is like in El Salvador, which will probably be different than in the United States. In every [Latin American] country I’ve taken the company it’s a completely different ball game, and we need to be very creative to be able to stay afloat.”Matias Goldenhorn, Athena’s director for Latin America
Athena Bitcoin also plans to hire human resources and open an office that will carry out operations in El Salvador. The country has been in the spotlight for being the first one to adopt Bitcoin as legal tender.
The president of El Salvador announced during a national address on Thursday that the law will come into effect on September 7. Everyone who will download the Chivo e-wallet from elsalvador.com will get $30 of bitcoin.
The amount of $30 in bitcoin will be sent to each user after their identity gets verified through the app’s face recognition software. The feature was presented by El Salvador’s president Nayib Bukele on Friday.