Crypto Marketplace Paxful Brings Crypto ATMs To Colombia With Plans To Expand Into Peru

News | September 5, 2019 By:

Peer-to-peer crypto marketplace Paxful has partnered with blockchain firm CoinLogiq to bring cryptocurrency ATM’s to Colombian cities.

Paxful is crypto trading platform that aims to bring financial inclusion to the underbanked and unbanked through peer-to-peer finance. Every customer gets a free digital wallet that lets them send, receive, and store bitcoin. They’re cutting out the middleman with their secure escrow service and provide help to their customers with a 24/7 customer support system.

In a press release, Paxful announced its latest alliance with CoinLogiq for the opening of 20 new crypto ATMs in Colombia. The machines, which will allow users to transact with digital currencies in a simple manner, are available in shopping centers and points of interest throughout the main Colombian cities, such as Bogota and Medellín.

The partnership will also allow users to access the Paxful Kiosk which is integrated onto each ATM, giving customers the ability to buy bitcoin using different payment methods, such as online transfers, gift cards, and other more traditional methods like cash and credit and debit cards. Users will also be able to send and receive money using cryptocurrency through the ATMs.

“Latin America has real heroes in the CoinLogiq crew. They genuinely care and are focused on real use cases,” said Ray Youssef, CEO and co-founder of Paxful. “This is what makes bitcoin real and a part of people’s daily lives. We are proud to work with them.”

While traditional currencies are still the most commonly used payment method in the country, the use of digital currencies has increased such that the Republic Bank in Colombia is already part of the Distributed Ledger Technology (DLT), or blockchain initiative, to provide greater security and tranquillity to the growing rate of users who already use these cryptocurrencies.

In a recent survey commissioned by Paxful, 80% of the respondents said that they are open to investing in cryptocurrency. This is confirmed by the Global Digital 2019 report, which states that 7.7% of Colombians have already started to invest in digital currencies.

“I am now even more convinced that mass adoption will not happen without the influence of the kind of synergy that can now exist as a result of this Paxful and CoinLogiq joint venture,” said CoinLogiq CEO, Dwayne Golden Sr. “We are both hopeful that our work together will encourage many more such relationships for other global leaders within the crypto community.”

Magdiela Rivas, Paxful’s Manager for Latin America, said that the alliance between Paxful and CoinLogiq will contribute to the adoption and acceptance of cryptocurrencies among Colombians and Latin Americans in general.

“This partnership will not only be concentrated in Colombia, but also in Peru, where another 25 cryptocurrency ATMs will be installed in important points of the main cities throughout the country,” said Rivas.