Coinapult Enables 300 Bitcoin Kiosks in Colombia

Journalist:
July 11, 2016

Bitcoin wallet and services provider Coinapult has revealed an integration with Punto Pago, a kiosk operator, which will see 300 kiosks now sell bitcoin to Colombians across the country.

Panamanian startup Coinapult, co-founded by Erik Vorhees in 2012 and headquartered in Panama City has announced a new development which will see bitcoin buying made easier in Colombia.

A partnership with Punto Pago, a kiosk operator that enables everyday Colombians to pay for mobile, telephony and broadband bills and more, will mean that bitcoin can now be bought at 300 kiosk locations across the country.

A Pungo Pago kiosk

The automated machines are similar to an over-the-counter system wherein users can pay with Colombian fiat pesos. Users will also be asked to enter their email address, which is where they will see their purchased BTC delivered. The prices for the cryptocurrency will be displayed in Pesos, with a paper receipt handed to the user upon completion of the transaction, much like a bitcoin ATM.

Coinapult is notable for its “Locks” service which allows users to ‘lock’ the value of their value of bitcoin in fiat as a safeguard against price volatility. Fundamentally, if a customer locks $10,000 worth of bitcoins today, $10,000 in bitcoins can be cashed out at any point at a later time, regardless of bitcoin price at that time.

In March 2015, the Panamanian startup was the victim of a breach which saw its hot wallet compromised to the tune of 150 bitcoins, approximately $43,000 USD at the time.

Later that month, Coinapult announced a collaboration with blockchain startup Factom.

“Coinapult will benefit by providing information to our users about the safety of their funds. This has been one of our most popular user requests,” Coinapult CEO and co-founder Ira Miller told CCN at the time.

The company’s latest endeavor is certain to benefit bitcoin awareness and adoption in Colombia, with the cryptocurrency increasingly being seen as a store of value for the common investor.

Images from Shutterstock and Punto Pago.

Tags: Coinapult
Samburaj Das @sambdas

Samburaj is the Editor for CCN, among the earliest and foremost publications covering financial and blockchain news. He has authored over 2,000 articles for CCN. Email him samburaj(@)ccn.com or find him barely tweeting @sambdas