The prominence of crypto assets in several nations has made Latam a desirable destination for cryptocurrency exchanges and businesses. This is a result of the economic issues the country is currently experiencing, including high inflation and devaluation rates. Later this year, Venezuela will welcome Bitbase, a cryptocurrency ATM and store corporation headquartered in Spain.
Due to the circumstances, the nation has become a fertile ground for the expansion of bitcoin use. Bitbase anticipates opening several locations throughout the country as it bets that this trend will continue.
The Bitbase business model involves actual storefronts where staff members instruct customers on how to utilize cryptocurrency and act as middlemen for cryptocurrency transactions. This focus tries to attract consumers who value physicality but are not otherwise drawn to the realm of cryptocurrencies. Enrique De Los Reyes, the manager of Bitbase in Venezuela, stated the following:
“With our landing in Venezuela this year, we are moving robustly. With all the permits we require to conduct business in Venezuela, we continue the challenging task that will shortly bear fruit. And we want to provide the proper mass adoption of crypto.”
The company is currently working to secure the personnel required to staff these locations with customer service representatives and install cryptocurrency ATMs.
Furthermore, Bitbase already has a spot in the Spanish embassy in Caracas’s department for foreign businesses and commerce. If the launch takes place this year, it would be one of the first foreign cryptocurrency companies to operate in Venezuela.
When De Los Reyes suggested that Bitbase might capitalize on the commercial opening that the nation was going through then, the company announced its interest in breaking into the Venezuelan market. Similar to how it entered South America, where the business launched its first location in Paraguay in July.
