Argentina, that forgotten land of sunshine is seemingly trying to catch up with this century by no better method than rolling out some 4,000 ethereum, bitcoin and litecoin bi-directional ATMs.
Following a change of rules by the Central Bank which now allows new ATM entrants, Odyssey Group is trying to disrupt the market through an innovation that includes cryptomonetas.
From what we can gather, they have apparently furnished the ATMs with what we can call a wallet. In addition to its primary aim of withdrawing bank money, the ATM can also “speak” to a smart phone, thus providing micro-loaning services, or of course cash for eth and bitcoin, as well as vice versa.
Sebastian Ponceliz, CEO of Odyssey Group, told local media according to a very rough translation:
“They are not going to be just cashiers for people to get money, they are also going to issue prepaid cards, they can be used for e-commerce, transfers through blockchain, cryptocurrencies and microscoring linkeo for microcredits.”
As can be seen in the featured image, in 2016 they incorporated crypto-money and facial recognition technology.
Some 250 such ATMs were installed in October 2017 according to previous reports, with Ponceliz now stating “we have pre-agreements to install 4,000 ATMs, the plan is to have 5,000 in two years.”
The cost for one such ATM is only $8,500 dollars, with return in investment through fees expected in just six months they say.
So seemingly making it quite appealing going by their recent orders, especially as this is the only ATM as far as we are aware to serve both bank money and crypto-money.
Moreover, it is one of very few to also serve ethereum, in addition to the far smaller litecoin, as well as, of course bitcoin.
With it thus providing new infrastructure in a country that often suffers from very high inflation and monetary mismanagement leading to bankruptcy only recently.