While Venezuela has been a leading country for cryptocurrency adoption in Latam, its citizens don’t have access to cryptocurrency ATMs. Bitbase, which is a cryptocurrency ATM company, has been in discussions with Venezuelan banks and officials to put some of their machines and shops in Venezuela.
Bitbase talks to bring crypto ATMs to Venezuela
Bitbase is a crypto services company that has been in discussions with the government to provide cryptocurrency ATM services in Venezuela. Enrique de los Reyes is the Bitbase representative to Venezuela. He said they’ve been looking at Venezuela since 2017, but are trying now to benefit from the state’s clear crypto laws.
De los Reyes stated:
Venezuela is a country I’ve never looked at for business opportunities and potential, particularly now that there are commercial opportunities.
Bitbase is a Spanish-based company that is looking to enter new markets in Latam. This includes Mexico, Colombia and Venezuela. Bitbase is looking to enter a market currently untapped in Venezuela. Two Crypto ATMs were previously located in capital. However, they stopped providing withdrawal and deposit services.
Bitbase said it expected to close negotiations by Q3 2022 in order to install their machines in the country. De los Reyes didn’t specify the number of machines the company expects to install, but he did state they also hope to open stores in malls around the country to be closer to the customer.
National Crypto Adoption could be facilitated by ATMs
Bitbase believes that cryptocurrency adoption is high in this country, according to various reports. However, the opening of ATMs and shops might allow people who are still unfamiliar with crypto to carry out operations using trusted companies.
These stores would assist users in downloading their first cryptocurrency wallets and teaching them how to use the coins. It would also help elderly users and those who are still unsure about using cryptocurrency due to lack of knowledge or distrust.
But, the numbers indicate that Venezuelans have become accustomed to using crypto in P2P marketplaces like Binance P2P and Localbitcoins for their businesses and for paying for services and products without having to use crypto ATMs.
Do you have any thoughts about Bitbase’s negotiations with Venezuelan authorities to install crypto ATMs there? Comment below.
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