Tether has partnered with a Brazilian company to enable the exchange service at ATMs.
In Short
- Promoters will distribute the ATMs in more than 15 thousand commercial establishments in Brazil.
- USDT is one of the most widely used cryptocurrencies in Brazil.
24K ATMs in Brazil to allow the exchange of USDT for reais. The arrival of USDT at Brazilian ATMs also aims at integrating more than 34 million unbanked adults. Starting November 3, Brazilians can exchange tethers (USDT) for reais at least 24,000 ATMs. The news came after the stable cryptocurrency developer announced another step into the South American giant’s market.
Tether announced its partnership with the Brazilian cryptocurrency broker SmartPay, which will make the bridge with Banco24Horas ATMs, developed by TecBan and distributed in more than 15,000 commercial establishments.
These devices will convert USDT into reais, Brazil’s local currency. This operation will be possible thanks to the Swapix solution developed by TecBan. It will enable the purchase and sale of USDT and payments in stores with this cryptocurrency.
Tether’s move to Brazil comes in the knowledge that this cryptocurrency is one of the most widely used in the South American country. According to the company, an estimated USD 1.4 billion moved in USDT in almost 80 thousand transactions registered last August.
The arrival of USDT in Brazilian ATMs also aims at integrating more than 34 million unbanked adults, according to Tether. They estimate that the union with SmartPay “will provide millions of people with the opportunity and access to the digital currencies ecosystem and the new financial revolution.”
According to Paolo Ardoino, Tether’s chief technology officer, having USDT in ATMs will bring “important changes.” Not only to the payments industry in Brazil but to the entire financial ecosystem of the South American giant.
Cryptocurrency wallet on the way
Rocelo Lopes, CEO of SmartPay, informed that, in addition to the ATM service, they would launch the development of a cryptocurrency wallet, which will be exclusive to USDT but on an initial basis.
In statements to local media, the developer specified that through this tool, it would be possible to make transactions without paying fees with other crypto assets. This is usually true with TRON or Ethereum services.
Lopes stressed that the wallet would be launched for mobile devices in the first two months of next year. Android would be the first beneficiary, and iOS the second. Tether’s announcement comes after it became known that this cryptocurrency (in addition to Bitcoin) is within the reserves of more than 12,000 Brazilian companies. This confirms the growing adoption of this asset in the land of Carnival.
The Federal Revenue Secretariat of that country said that, in August alone, $2 billion in crypto assets were inside companies’ treasuries.
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