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While Venezuela is known for having the highest crypto adoption rate among Latin American countries, its crypto investors currently don’t have access to a single cryptocurrency ATM. Thankfully, that might soon change as a crypto ATM firm is now in negotiations with authorities to allow it to install machines and stores in the country.
Crypto services company Bitbase is currently in talks with the government and the country’s banking authorities to allow it to offer crypto ATM services in Venezuela, according to Bitcoin.com. The company’s representative, Enrique de Los Reyes, said that they have been eyeing to expand in the country since 2017 and believe that now is the right time to enter the market after the government put forth clear cryptocurrency laws.
“I have never taken my eyes off Venezuela in terms of opportunity and business, especially now that a commercial opening is taking place,” de Los Reyes said.
Previously, there were two crypto ATMs in Caracas, the country’s capital, but they eventually stopped offering withdrawal and deposit services. Thus, Bitbase won’t have any competition once it starts operations in the country. Aside from Venezuela, the Spain-based firm also plans to expand to other Latin American countries such as Colombia and Mexico.
De Los Reyes said that they also plan to put up stores in malls to be closer to customers but did not disclose the exact number of machines Bitbase will install in Venezuela. The representative added that the talks will likely be finalized before the third quarter this year.
In 2020, Venezuela was ranked third worldwide in terms of crypto usage as high inflation rates forced citizens to switch to digital currency to preserve their purchasing power. With Bitbase’s crypto ATMs and stores, the company expects to reach out to the segment of the country’s population who are currently unaware of crypto.
