Contxto – Venezuela’s tough economic situation has the world concerned and eager for updates. Since the lack of structure and payment transparency has hindered Venezuelans from acquiring many goods, the crisis has motivated some to turn towards cryptocurrencies for financial security and stability.
Thankfully, the Panamanian crypto-asset startup Cryptobuyer announced last week that it has a solution to the problem. Soon, the cryptocurrency exchange platform will release its CryptoCard pilot in Venezuela, a sort of debit card that will allow users to make digital payments and transactions at affiliated locations.
CyptoCard was exclusively designed for countries like Venezuela due to the inefficiency of local payment systems and purchasing processes. Particularly useful to counteract hyperinflation and high remittance costs, the product is still in its pilot phase.
“Restrictions on payment systems in countries such as Venezuela and the announcement of the suspension of services by Visa and Master Card in the country, together with the increase in the remittances from US$80 million in 2016 to almost US$4 billion in 2019, opens an incredible window to push definitive adoption,” according to Cryptobuyer’s recent Medium post.
“For those reasons, we are launching a pilot plan in that country.”
Following this development, users will be able to choose between Bitcoin, Dash, Ethereum, Litecoing, Binance Coin and Tether for both savings and purchasing. Cardholders will also have access to XPT, Cryptobuyer’s proprietary token and the Near Field Communication (NFC) technology.
Also operable at Cryptobuyer-powered points of sale (POS) terminals, this short-range technology will permit rapid transactions at various locations.
The card which is now ready for pre-ordering will be available in two different modalities, Silver and Black. With the Silver Card, people have the option to make transactions, store cryptocurrencies and use BTMs. Plus, it’s totally free.
However, when it comes to the Black card, services will be the same but with the opportunity to gain rewards. This includes cashback, Amazon gift cards, as well as potential profits for acquiring XTP stakes. All of this for US$20.
More on Cryptobuyer
Founded in 2015, Cryptobuyer seeks to democratize cryptocurrencies in Latin America through its technological solutions and token, XPT. Some of its financial services include a network of crypto-backed ATMs throughout Panama.
To purchase crypto at one of the ATMs, you first need to download the Cryptobuyer app on your smartphone. From there, you select which cryptocurrency you want to buy, whether it be Bitcoin, Dash, among others. Once you select your coin, you scan the phone’s QR code on the ATM and insert the bill to pay for the crypto.
Access to Cryptobuyer’s web and mobile platforms also offer various financial services, such as its POS system. The software is capable of “automatically converting cryptocurrency payments to fiat currency, which eliminates friction in the adoption for merchants,” according to CryptoBuyers WhitePaper.
Furthermore, the company not only offers Business Technology Management services but also the possibility to build crypto-franchises. This way, anybody can become part of the financial revolution.