The first crypto ATM in Honduras opened this week as bitcoin investors ask for prompt demand for digital assets after neighboring El Salvador became the first nation to accept bitcoin as legal tender.
The machine, locally named “la bitcoinera” enables users to get Ethereum and Bitcoin using the local lempira currency. It was set up in an office tower in the capital of Tegucigalpa by Honduran company TGU Consulting Group.
Chief Executive of TGU, Juan Mayen, 28, headed the hard work to introduce the ATM to Honduras aiming to educate people about digital assets via the first-hand experience.
He said that there was no automated way to purchase crypto until now. He added that you had to do it peer-to-peer, search for someone who was ready to do it, carry X amount of cash, meet personally, which is very uncomfortable and risky given the situations in Honduras.
To buy, users have to scan official identification and input personal info like the phone number.
Mayen said that in Honduras, many software developers are already paid in crypto. He added that it will also be a cheaper alternative to transfer remittances.