Contxto – Cryptobuyer may be based in Panama, but its presence is ever-growing in Venezuela. Last Friday (8) the cryptocurrency startup announced a strategic partnership with Mega Soft, a Venezuelan company that develops payment processing solutions.
Through this collaboration, vendors that use Mega Soft’s “Merchant Server” platform can choose to accept payments in the form of cryptocurrencies like Bitcoin, Ethereum, and Dash. It will even work with Cryptobuyer’s own token, XPT.
Mega Soft has over 20,000 establishments affiliated with its platform. This means that there are now literally thousands of opportunities for Venezuelans to use cryptocurrencies at pharmacies, movie theaters, supermarkets, to name a few. However, vendors must request the activation of this feature. It’s not done automatically.
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Likewise, consumers will then be able to pay with their cryptocurrencies by June of this year.
The startup’s plans for the future go beyond Venezuela. It aims to have its Cryptobuyer Pay network reach over 100,000 businesses by year’s end in Latin America and Europe.
Cryptocurrencies conquering Venezuela?
Inflation rates are rampant in Venezuela. As a result, under ideal circumstances, its people would prefer dollars to keep the value of their money. But given that dollars are highly restricted, some consumers have opted for cryptocurrencies. They would then exchange these digital assets to Bolivars when they were ready to complete a purchase.
Yet as establishments further accept this form of payment, Venezuelans are equally encouraged to keep cryptos in their e-wallet.
“This is the beginning of a trend that’s here to stay,” observed Jorge Farías, Cryptobuyer’s CEO in a press release.
“We will see how new technologies are presented as a real alternative for financial inclusion… It has been a long and successful process, wherein a professional company with more than 30 years in the market sees a genuine incentive to accept cryptocurrencies as a new form of payment.”
Antonio Castro, CEO of Mega Soft, is of a like mind:
“Cryptocurrencies are a crucial part of what will be the new forms of payment, more agile and universal, and easily accessible to all segments of the population.”
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