crypto.news
United States-based cryptocurrency ATM provider CoinFlip has expanded to Mexico as a part of its global expansion plans.
According to a press release shared with crypto.news, CoinFlip has deployed its cryptocurrency ATMs across Mexico, marking the Latin-American nation as its eighth international market. The rollout of these ATMs will span 20 locations across Mexico City, targeting high-traffic areas like shopping centers and coffee shops.
The company’s CEO, Ben Weiss, described the move as the “next logical step” for CoinFlip, adding that it would offer Mexicans a “convenient, secure and easy way” to access cryptocurrencies.
CoinFlip’s entry into Mexico completes its expansion plans in North America, following its entry into Canada in 2022. The firm also offers services in Australia, New Zealand, South Africa, Italy, Panama, and Brazil, with its biggest market being the United States.
Coinatmradar ranks CoinFlip as the second-largest crypto ATM provider, with a network of over 5,200 machines installed globally. However, the announcement states that it ranks first in terms of transaction volume.
CoinFlip offers crypto ATMs, also called kiosks, with touchscreen interfaces that allow users to buy and sell cryptocurrency directly using cash. These machines feature a QR code scanner for the user’s wallet address, enabling the funds to be credited to the wallet without typing out lengthy wallet addresses.
Besides Bitcoin, the ATMs also support other cryptocurrencies like ETH, DOGE, LTC, XLM, LINK and stablecoins like USDC, USDT and PAXG.
CoinFlip also has plans to expand outside of Mexico City throughout 2024.
A crypto hotspot
According to CoinFlip, citing a 2023 Chainalysis report, Mexico ranks 16 in the Global Crypto Adoption Index. Alejandro Bravo, Country Director of Mexico for CoinFlip expects “a significant uptick in cryptocurrency ownership in the Mexico market.”
At the time of publcation, Mexico housed at least 86 Bitcoin ATMs, with most in its capital, Mexico City. In 2022, the nation made headlines after a Bitcoin ATM was installed in the senate building by the Party of the Democratic Revolution.
On the global front, the number of crypto ATMs have dropped to a total of 38,789 down from an all-time high of nearly 40,000 recorded in December 2022. The drop coincides with a surge in frauds and scams involving crypto ATMs that has drawn regulatory attention.
On Aug. 20, Germany’s financial watchdog BaFin seized 13 crypto ATMs, citing a lack of necessary licensing and concerns around money laundering. The regulator has warned that ATM operators who fail to comply with local regulations could face up to five years of jail time.