Crypto ATM provider CoinFlip expands to Mexico

US-based cryptocurrency ATM provider CoinFlip has expanded into Mexico as part of its global growth plans.

According to a press release shared with Crypto.news, CoinFlip has deployed cryptocurrency ATMs across Mexico, marking the Latin American country as its eighth international market. The deployment of these ATMs will be spread across 20 locations across Mexico City, targeting high-traffic areas such as shopping malls and coffee shops.

The company’s CEO, Ben Weiss, called the move “the next logical step” for CoinFlip, adding that it would offer Mexicans a “convenient, safe and easy way” to access cryptocurrencies.

CoinFlip’s entry into Mexico complements its expansion plans in North America, following its entry into Canada in 2022. The company also offers services in Australia, New Zealand, South Africa, Italy, Panama, and Brazil, with the United States being its largest market.

Coinatmradar ranks CoinFlip as the second-largest crypto ATM provider with a network of over 5,200 machines installed globally, but the announcement notes that it ranks first in terms of transaction volume.

CoinFlip offers crypto ATMs, or kiosks, with touchscreen interfaces that allow users to buy and sell cryptocurrencies directly using cash. These machines feature a QR code scanner for the user’s wallet address, allowing funds to be deposited into the wallet without having to type in long wallet addresses.

Besides Bitcoin, the ATMs also support other cryptocurrencies such as ETH, DOGE, LTC, XLM, LINK, and stablecoins such as USDC, USDT, and PAXG.

CoinFlip also has plans to expand outside of Mexico City by 2024.

A crypto hotspot

Citing CoinFlip’s 2023 Chainalysis report, he noted that Mexico ranks 16th on the Global Crypto Adoption Index. Alejandro Bravo, CoinFlip’s Country Director for Mexico, expects “a significant increase in cryptocurrency ownership in the Mexican market.”

At the time of publication, there were at least 86 Bitcoin ATMs in Mexico, most of which were located in the capital, Mexico City. In 2022, the country made headlines after a Bitcoin ATM was installed in the Senate building by the Democratic Revolutionary Party.

On the global front, the number of crypto ATMs has fallen to a total of 38,789, down from an all-time high of nearly 40,000 recorded in December 2022. This decline coincides with a rise in scams and frauds involving crypto ATMs that have caught the attention of regulators.

On August 20, Germany’s financial regulator BaFin seized 13 crypto ATMs, citing a lack of required licenses and concerns about money laundering. The regulator warned that ATM operators who fail to comply with local regulations could face up to five years in prison.