- Guatemala now holds the third highest number of cryptocurrency ATMs globally, following the US and Canada.
- Over 2,700 ATMs available for withdrawing Bitcoin and other cryptocurrencies as quetzales thanks to Coincaex and 5B partnership.
Guatemala has expanded its cryptocurrency infrastructure, positioning itself as a central hub for digital currency transactions in Central America. With the recent deployment of over 2,700 cryptocurrency ATMs, the country now ranks third globally, trailing 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 partnership between local cryptocurrency exchange Coincaex and the traditional ATM provider, 5B. The collaboration allows Guatemalans to easily convert their digital currencies into the local currency, quetzales, at any of the extensive network of 5B machines.
To utilize the service, users first generate a withdrawal code through Coincaex, which they can then input into one of the ATMs to withdraw cash. It’s important to note that these ATMs are unidirectional, meaning they only facilitate withdrawals, not deposits or purchases of cryptocurrencies.
As we wrote in Crypto News Flash, the initiative represents an advancement in Guatemala’s digital asset infrastructure, markedly improving access to cryptocurrencies. Prior to this expansion, only 18 cryptocurrency ATMs were registered in the country according to the international tracking service CoinATMRadar.
This surge in ATM availability 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 beacon for cryptocurrency adoption, with several local businesses integrating Bitcoin as a payment method.
Overall, Guatemala hosts approximately 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 financial tool for daily transactions, fostering an environment where digital and traditional finance continue to merge.
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