Bitcoin ATM operator Athena Bitcoin has unveiled a major plan to install up to 1,500 Bitcoin ATMs across El Salvador, with a phased approach starting with dozens of machines for pilot testing. The company said it will invest over $1 million and establish a local office to support operations.
Phased Deployment and Investment Commitment
According to Reuters, Athena Bitcoin announced on Thursday that it plans to invest more than $1 million to install cryptocurrency ATMs in El Salvador, particularly in areas where residents receive remittances from abroad. Matias Goldenhörn, Athena’s director for Latin America, stated that President Nayib Bukele “presented us with a tough challenge of 1,500 ATMs, we will go for that, but in phases.” He added, “We are a private company and we want to ensure that our development in the country is sustainable. Initially we are going to bring dozens of machines, test what the business model is like in El Salvador, which will probably be different than in the United States.”
Bitcoin as Legal Tinder Drives Expansion
El Salvador recently passed a landmark bill making Bitcoin legal tender, with the law set to take effect on September 7. President Bukele also unveiled the country’s official wallet application and a Bitcoin giveaway on Thursday. These regulatory advancements create a historic opportunity for Bitcoin ATM proliferation. Athena Bitcoin installed its first crypto ATM in El Zonte beach about a year ago as part of the “Bitcoin Beach” experiment, aiming to turn the town into one of the world’s first Bitcoin-based economies.
Industry Competitors Follow Suit
Athena is not alone in targeting El Salvador’s market. This week, another Bitcoin ATM provider, Chainbytes, also announced plans to install Bitcoin ATMs in the country and is setting up a manufacturing hub there. As Bitcoin gains legal tender status, El Salvador is becoming a testing ground for global crypto financial infrastructure. Athena plans to hire staff and open an office to ensure long-term operational success.