Bitbase, a cryptocurrency company based in Spain, announced in recent days that it plans to open its cryptocurrency ATM operations in the promising market of Venezuela.
The Spanish company is also reportedly looking for new employees for cryptocurrency stores and ATMs that will be opened by the end of the year in Venezuela. Bitbase is one of the first international cryptocurrency companies to open an office in the country.
Bitbase capitalizes on crypto adoption in Venezuela
Venezuela, which ranks seventh in the Global Index Adoption of cryptocurrencies, has long been an attractive destination for all crypto-companies because cryptocurrency became almost an alternative currency due to the heavy sanctions imposed for years by the international community.
Since 2017 there has been an alternative digital currency in the country, whose value is linked to the country’s oil reserves as an alternative currency to the Bolivar. The Central Bank is also reportedly ready to launch a new digital state currency soon.
The Petro is a digital currency designed by Nicolas Maduro specifically to address the serious problems brought about by triple-digit inflation rates that the state has been facing for years and to overcome the difficulties created by imposed sanctions.
Venezuela’s leader, when introducing the new digital currency in 2017, said:
“With the Petro, we will win the financial blockade against Venezuela. With this virtual currency, we will advance to new forms of international financing.”
But the adoption of cryptocurrencies in the country seems to have accelerated significantly just between late 2021 and early 2022. A report released by the July 2022 United Nations Conference on Trade and Development revealed that Venezuela would now move into third place among countries with the highest cryptocurrency adoption, behind just Russia and Ukraine. The report, which also addresses the causes of this growth and cryptocurrency regulation, found that 10.3% of citizens in Venezuela as of May 2022 held cryptocurrency, compared to 11.9% of Russians and 12.7% of Ukrainians.
New cryptocurrency ATMs on the way in Venezuela
Bitbase, precisely because of its activity related to cryptocurrency withdrawals with ATMs, would therefore be very interested in a market where cryptocurrencies are already widespread.
In this regard, Enrique De Los Reyes, Bitbase’s manager in Venezuela, said:
“We are going very, very strong with landing in Venezuela this year. We continue with the hard work, which will pay off soon, with all the licenses we need to operate in Venezuela. And we want to give that image of proper mass adoption (good use) of cryptocurrencies.”
Bitbase, in addition to installing cryptocurrency ATMs, also has physical stores where it explains how cryptocurrency assets work and promotes their use and transfer.
The company announced this new investment with a tweet on its social profile.
— BitBase (@BitBase_es) August 29, 2022
A few days ago the number of cryptocurrency ATMs in the world surpassed the figure of 39,000 locations in 77 countries. Since January 2017, when the number of machines in operation reached over a thousand, the number of cryptocurrency ATMs has grown by 3,925%.
Bitbase, however, according to company sources, has reportedly already been operating from an office in the trade industry and foreign companies department of the Spanish Embassy in Caracas for several weeks. In July the company opened some physical stores in Paraguay, consolidating its position in Latin American countries.