With a growth of 1,200% in recent days, the Uruguayan cryptocurrency Ferret Token seeks to expand within the country and looks towards Latin America, where, according to its founder, Adolfo Varela, there is “an ideal scenario to develop this type of technology”.

Varela, the director and founder of the company InBierto, stated it is really important for the South American country to install its first cryptocurrency ATM this Friday, which will be located in the coastal town of Punta del Este.

The entrepreneur believes that this will allow people to learn more about the crypto world, while ensuring that users can “have a real store of value” thanks to Ferret Token, a crypto with an economic policy “that allows the user to have many advantages”.

According to Ferret Token’s website the crypto asset “is being adapted to be used in the different crypto platforms of InBierto Cryptocurrencies. Its uses will range from iEApp debit card funding, a CriptoVentas user loyalty program to the native token of an ATM network deployed in Uruguay called Uteller.”

Varela stressed that Ferret issued 500 million coins and, because of the smart contract with which it was created on the blockchain, it can no longer issue more. In addition, he indicated that it has a burn policy.

On the other hand, the entrepreneur highlighted other advantages of the cryptocurrency, such as allowing people to access a loan by depositing their cryptocurrency on a platform and leaving it locked, which serves as collateral, or making cheap transactions.

“Latin American citizens know what it is like for their currency to depreciate over time and to be able to acquire fewer and fewer things with it, so we believe that if the Latin American system is offered currencies that are deflationary, that can be safeguarded and at the same time used to make payments, they will be used more and more,” he says.

Ferret Token has more than 50,000 users in Uruguay already, and the numbers are expected to multiply in the near future.