Bitcoin Grows in Colombia with 300 New Coinapult BTMs
Leading Bitcoin broker and wallet service provider Coinapult (coinapult.com) recently announced the deployment of 300 bitcoin-selling ATM locations across Colombia.
Also read: San Diego’s New Ocean Beach Bitcoin ATM
Where are Coinapult’s Bitcoin-Selling ATMs?
While most of these ATMs are located in the capital city of Bogotá, several can be found in smaller cities such as Cúcuta and Pasto.
“This integration allows individuals in Colombia to buy bitcoin at any one of about 300 Punto Pago kiosks in the country,” Coinapult said in their announcement. “Anybody can use the machine to buy bitcoin; all you need is an email address and Colombian Pesos.”
How to Buy?
The purchasing process needs no registration of any kind, allowing anyone to walk up to a machine and purchase bitcoins with Pesos instantly. Once purchased, a code for redemption will be sent to any email address, directly from the Bitcoin ATM machine. “This makes it just as easy to buy bitcoin as it is to pay for cell phone credit or utility bills,” the company claims. “If you are a new user, you will be prompted to create login credentials to access your newly created Coinapult Wallet. If you already have an existing account associated with that email address, you can simply
“This makes it just as easy to buy bitcoin as it is to pay for cell phone credit or utility bills,” the company claims. “If you are a new user, you will be prompted to create login credentials to access your newly created Coinapult Wallet. If you already have an existing account associated with that email address, you can simply login to your Coinapult Wallet to access your recently purchased bitcoins.”
Restrictions & Fees
There are some limitations to purchasing bitcoins from these ATMs. According to the company’s support center:
“The minimum amount for buying bitcoin is 1.00 Colombian Peso (COP) per transaction, and the maximum per transaction is 1.5 million COP.”
There is also a markup on the price, although this is common for ATM transactions. Coinapult wrote on their website:
“The price for buying bitcoin is slightly modified from our published COP/BTC price ticker. The price displayed at Punto Pago kiosks will be 8.25% above Coinapult’s COP/BTC ticker.”
Bitcoin Taking Root in Colombia
Colombia, a South American country that has been outwardly quiet about Bitcoin for the most part, has actually seen steadily growing bitcoin volume on LocalBitcoins.
The small but growing traffic in Colombia is expected to increase much faster now, with easier access to Bitcoins across the country.
Coinapult, co-founded by Erik Voorhees and headquartered in Panama City, has been building Bitcoin technology and services since 2011. It was the first to provide bitcoin delivery over email and dollar-locked bitcoin accounts to curb price volatility. In October 2014, it raised $775,000 USD in venture funding from FirstMark Capital, Roger Ver, and others investors, then soon partnered with Crypto Capital to secure a U.S. money transmission license.
Today, the multiservice company is flexible enough for both newcomers and seasoned bitcoin veterans alike to use for a variety of services, such as Merchant services, price-locked wallets, and bitcoins over email or SMS.
What do you think of Coinapult’s bitcoin-selling ATMs? Let us know in the comments below!
Images courtesy of WonderfulEngineering, Coinapult, LocalBitcoins.