Crypto ATM
Overview
UTM was the first prototype of a cryptocurrency ATM developed 100% in Latin America.
I was part of the team that developed and launched the first version of the device.
In just 2 months, we developed an MVP which we were able to put into operation for initial testing. We unveiled it on January 10, 2022, at a central venue in Punta Del Este, Uruguay, with an attendance of over 200 people, including international press and local politicians. In just the first two months, we achieved a volume of over 3000 transactions.
My contribution
Core team Developer Founder
The team
3 x co-founder 2 x developers 1 x graphic designer
Year
2022
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Process
When I joined the team I took on the role of lead software engineer. My task was to develop the software that would allow users to exchange Bitcoin for fiat currency using smart contracts and multi-chain wallets.
I ultimately developed the backend that interacted with the main DEX smart contracts on the BSC network using web3.js. This backend kept the prices updated and managed the ATM's wallet, controlling incoming and outgoing transactions.
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On the day of the grand opening, multiple international media outlets and hundreds of people attended. Despite the limited time, we managed to develop a functioning MVP, and the event was a great success.
Over the following months, the ATM processed over 3000 transactions, which was a significant milestone in a region where cryptocurrency adoption is not widespread, such as Uruguay.
Challenges
Throughout the journey, multiple challenges arose that compelled us to keep improving the product day by day, as it was still an MVP in the development phase.
One of the challenges we faced was that when a sell transaction was made at the ATM, the user's tokens were received, which constantly fluctuated in price, unintentionally exposing us to the market. To address this issue, I developed and implemented an autoswap algorithm that automatically exchanged the received tokens for stablecoins at the moment of the transaction. This resulted in saving thousands of dollars in losses.
