Bitcoin ATM maker ChainBytes said it had moved its main production center to El Salvador. As stated by the company, in 10 days, the first ATM prototype made entirely on Salvadoran soil will be ready.
After approval of the prototype, ChainBytes said it plans to produce 50 machines a day or 1,500 a month. PTo achieve its goal, the company has a team of around 175 people in El Salvador.
“But that number will increase as ATM production and demand increases,” said Eric Grill, CEO of ChainBytes.
Also according to Grill, since 2012, the company has been manufacturing and offering maintenance services for operators and companies focused on the Bitcoin ATM business.
ChainBytes is currently headquartered in Pennsylvania, United States. In addition, the company had a production center in China that had to be decommissioned. After all, recently, the Asian country has tightened its grip on cryptocurrencies.
So, cith Chinese repression, the company moved its entire production center to El Salvador.
“This is a private initiative to build Bitcoin ATMs in El Salvador. The government has provided a legal framework that offers incentives. That is, there will be no capital gains tax on Bitcoin, which our factory can take advantage of. But for now, our attention is focused on building new machines in the interest of taking advantage of any incentive,” said the CEO.
Grill added that, so far, it has held meetings with around ten Bitcoin ATM operators, interested in installing new equipment in different parts of the country.
The company’s initiative was applauded by Mónica Taher, responsible for International Technological and Economic Affairs at the Secretariat of Commerce of El Salvador.
The responsible highlighted the manufacturer’s interest in establishing itself in the country, investing and generating jobs.
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