Guatemala now holds the third loftiest number of cryptocurrency ATMs encyclopedically, following the US and Canada.
Over 2,700 ATMs available for withdrawing Bitcoin and other cryptocurrencies as quetzales thanks to Coincaex and 5B cooperation.
Guatemala has expanded its cryptocurrency structure, situating itself as a central mecca for digital currency deals in Central America. With the recent deployment of over 2,700 cryptocurrency ATMs, the country now ranks third encyclopedically, running only the United States and Canada in the number of machines available for converting cryptocurrencies like Bitcoin into cash.
This substantial increase in ATMs comes from a strategic cooperation between the original cryptocurrency exchange Coincaex and the traditional ATM provider, 5B. The collaboration allows Guatemalans to fluently convert their digital currencies into the original currency, quetzals, at any of the expansive networks of 5B machines.
To use the service, druggies first induce a pullout law through Coincaex, which they can also input into one of the ATMs to withdraw cash. It’s important to note that these ATMs are unidirectional, meaning they only grease recessions, not deposits or purchases of cryptocurrencies.
As we wrote in Crypto News Flash, the action represents an advancement in Guatemala’s digital asset structure, perfecting access to cryptocurrencies. Before this expansion, only 18 cryptocurrency ATMs were registered in the country according to the transnational shadowing service CoinATMRadar.
This swell in ATM vacuity coincides with the growth of Lago Bitcoin, a prominent Bitcoin community near Lake Atitlán — celebrated as one of the world’s most beautiful lakes. This area has become a lamp for cryptocurrency relinquishment, with several original businesses integrating Bitcoin as a payment system.
Overall, Guatemala hosts roughly 205 businesses that accept cryptocurrencies, according to data from BTCMaps. This reflects a growing trend in the region towards embracing digital currencies, not only as an investment but also as a practical fiscal tool for diurnal deals, fostering an terrain where digital and traditional finance continue to combine.
