Home / Headlines / Coinapult Enables 300 Bitcoin Kiosks in Colombia
2 min read

Coinapult Enables 300 Bitcoin Kiosks in Colombia

Last Updated March 4, 2021 4:49 PM
Samburaj Das
Last Updated March 4, 2021 4:49 PM

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 that 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.

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 that 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.com 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.