BR Malls, the largest mall franchise in Brazil, has announced it will install cryptocurrency ATMs in its facilities across the country. The company will partner with Coin Cloud, a US-based cryptocurrency ATM operator, who will provide the machines that will allow the purchase and sale of cryptocurrency. The first of the crypto ATMs have already been installed, and 15 more are pending installation.
BR Malls has announced that will install 15 cryptocurrency ATMs in their facilities around the country. This is being done in partnership with Coin Cloud, the biggest two-way cryptocurrency ATM operator. The partnership will allow Coin Cloud to install these machines in eight cities around the country, including São Paulo, Rio de Janeiro, Goiás, and Espírito Santo.
The first of the crypto ATMs have already been installed, and the remaining ones will be installed this weekend, according to Coin Cloud. These ATMs, in contrast with others, are bi-directional. This means that customers can purchase and sell cryptocurrency using them.
The company announced users will be able to purchase crypto starting at R$10 (~$1.87) minimum. For sales, this limit grows to R$50 (~$9.36) minimum. The ATMs will only accept cash, but there is also an associated app that will allow users to purchase crypto with debit or credit cards. The machines offer an ample stock of more than 30 different cryptocurrencies to purchase and sell, including bitcoin, ethereum, xrp, and litecoin. The machines also offer stablecoins such as tether and usd coin.
Coin Cloud’s interest in Brazil is not new. The company shipped 10 of its ATMs to Sao Paolo last December, and is now seeking to expand its presence due to the popularity that crypto is experiencing.
Coin Cloud expects to keep expanding in Brazil, and aims to install 50 crypto ATMs this year. Isabela Rossa, head of Coin Cloud in Brazil states that its main target is people still not in the crypto market. She stated:
We are managing to attract an audience that is not the famous day trade — which is already on the platform —, but people who have heard of cryptocurrencies, who are interested and already invest in other markets, but do not want to enter through brokerages.
According to Rossa, the presence of a physical machine gives confidence to users when trading, and appeals to people that are wary of purchasing these assets via online brokerages.
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