Coin Cloud, an American company that manufactures bitcoin ATMs, and BRMalls, the largest shopping mall chain in Brazil, announced this week a partnership to install 15 new machines in nine cities in four Brazilian states.
The American manufacturer was the first company to install an ATM in the country that allows buying and selling cryptocurrencies, such as bitcoin, using reais, in November 2020. Value Invests anticipated at the time, the first equipment of its kind in the country was installed in the hotel lobby at the Sheraton WTC SP.
Now, Coin Cloud detailed in a press release that the first of the new 15 machines was installed on Monday (16), at the São Bernardo do Campo shopping mall.
The forecast is that the other ATMs will be installed by the end of this week, in the following shopping centers:
São Bernardo do Campo (SP)
shopping São Bernardo do Campo
Rio de Janeiro – RJ)
Shopping Plaza Niterói
Vila Velha (ES)
Shopping Vila Velha
And Coin Cloud provides a service to search for the nearest machine on its website.
Bidirectional machines allow buying and selling
Coin Cloud ATMs – dubbed BTM, exchanging the “Automatic Teller Machine” for “Bitcoin Teller Machine” – trade more than 30 digital assets, including cryptocurrencies such as bitcoin, ethereum, litecoin and XRP, and stable coins (crypts with value pegged to real assets, typically a currency), such as tether and USD coin.
The minimum transaction amount is R$10 for purchases and R$50 for sales, and transactions can only be made in cash.
Upon purchase, the cryptoactive units – bitcoins, for example – are stored in the company’s own digital wallet service, the Coin Cloud Wallet, available for Android and iOS, or in other wallets indicated by the user, accessible via QR Code.
The targets are two types of customers: those who would like to test cryptos for the first time, with small values and agility, and those who urgently need to buy or sell cryptos, as explained last year by Chris McAlary, the company’s founder and CEO.
According to Isabela Rossa, leader in the country of Coin Cloud, the company’s customers can also buy with a credit card or direct debit through the free Coin Cloud Wallet app.
Coin Cloud charges between 7% and 15% of customers, embedded in the bid price (more expensive than the average exchange rate) and the sale price (cheaper) of the chosen cryptocurrency – this is a higher price than the rates charged by both exchanges and investment funds.
- Also read: Exchanges, funds, ATMs: compare options to invest in bitcoin
Brazil was the first country outside the US to have a company ATM, whose machines are bidirectional, that is, they allow both buying and selling cryptos. There are now more than 25,000 ATMs in the world that support cryptocurrencies, according to the Coin ATM Radar website – there were 11.5 thousand by the end of last year – but the vast majority of them (about 80%) are unidirectional, or that is, they only allow you to buy cryptocurrency.
Coin Cloud Bitcoin ATM — Photo: Disclosure