The Colombian platform for cryptocurrency solutions PANDA announced through its official blog that Uruguay is among the countries in the region that they will have their BTM product for buying and selling crypto assets.
According to the information provided Uruguay will be the sixth country in Latin America where PANDA BTM will operate for remote cryptocurrency buyingafter a presence in Colombia, Venezuela, Mexico, Peru and Chile.
According to the official website, Panda BTM is a portable system that works remotely and its cost is lower than the traditional cost of buying and selling crypto assets, which is done instantly. It is also available virtually through his online application.
In addition, the company announces that together with its virtual ATM solution BTM, The services include support in local currency via the WebApp and the messaging bot for the integration of new payment methods.
For now, Uruguayan residents can purchase cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH) and Dai (DAI) in the Uruguayan peso through the Pagos network.
Since a country is still in the early stages of adoption, the introduction of Panda BTM is an incentive solution for the introduction of cryptocurrencies in the South American country.
We spoke to Arley aka Lozano “Bacano‘, CEO of Panda Group for his impressions of the announced announcement Cointelegraph What “The Panda BTM in Uruguay is virtual, so anyone with a connection to the official app can participate.”
According to the official panda site, The buying and selling amounts depend on the crypto asset and the payment method to be used. The lower limit is USD 15 in local currency and a maximum of USD 300 per day per user.
In this context, Lozano pointed out currently panda “sold in LATAM distributed almost 1 BTC per week because the limits are low, why you can buy with a credit card too“.
It should be noted that in order to comply with international KYC regulations – you know your customer – users are only exposed to the basic knowledge process the first time they perform an operation.
In Uruguay, there was previously no way for Bitcoin ATMs or physical and virtual cryptocurrencies to obtain cryptocurrencies. Residents of the Latin American country don’t have many options to acquire them, considering the low volume and options on the popular P2P exchange platform Localbitcoins.
Likewise, the spaces to spend them in are scarce, but residents’ enthusiasm for cryptocurrencies has increased, as noted over the past two years with its presence at major blockchain ecosystem and crypto-movement events in the area.
Virtual panda of Venezuela
Last year, the Colombian company installed the first physical ATM for cryptocurrencies in the border town of San Antonio del Táchira in Venezuela.
According to official information, the Panda BTM ATM accepted the cryptocurrencies Bitcoin, DAI, Bitcoin Cash and Dash as well as Bolivars and Colombian pesos, so that the residents of the most important border crossing in the oil country could use them to convert their cryptocurrencies into money. Fiat.
At this time, the oil country already had 02 Panda BTM in the border states of Táchira and Mérida between Venezuela and Colombia, in addition to the crypto ATM operated by the VEINTE platform “Venezolana de Intercambios” in the Traki retail chain in the Venezuelan capital.
However, Lozano pointed out that the BTMs have been collected and that they are waiting for the devices to be homologated in Venezuela to reinstall, but given the coronavirus pandemicwe have become virtual “.
Physical BTMs currently only exist in Colombia. In the rest of Latin America, they can be accessed through the Panda BTM virtual app. According to the CEO of Panda Group, Venezuela is the first country with the largest transactions in this regard.