10 Coin Cloud BTMs are Launching in São Paulo, Brazil
A bunch of Coin Cloud BTMs are getting on a plane and heading to São Paulo, Brazil — not for summer vacation, but to make a difference in the lives of Brazilians.
Until now, Brazilians have only been able to trade cryptocurrency online through a few international exchanges. For the first time, residents will be able to buy and sell digital currency with cash at 10 locations in São Paulo!
“Brazil’s an amazing market for digital currency, and yet there are no Bitcoin ATMs there yet,” says Chris McAlary, CEO and Founder of Coin Cloud. “So, we’re really excited to bring this new product to Brazil and get started there.”
“A lot of people have asked us why Brazil’s the country we chose for our first international expansion,” McAlary says. It took a year of research, but they discovered that Brazilian Real to Bitcoin (BRL-BTC) was the third-largest trading pair in the world, behind the USD and the Euro. “Brazilians love their digital currency,” McAlary confirms.
With Brazil being such an underserved yet eager market, it was practically a no-brainer for Coin Cloud to expand there first. The first 10 Coin Cloud Brazil machines are slated to go live in São Paulo over the next few weeks.
“One of the things we’re most excited about, about our international launch, is offering US dollar stablecoins and other stablecoins in this market,” explains McAlary. “We think these are going to play a huge, important role in remittance to and from Brazil, in sending money back and forth to family, friends and international transactions. So, we’re very excited to be able to offer Brazilians a cash-to-digital-currency option.”