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Venezuela’s high crypto usage attracts Spain-based crypto ATM and exchange operator Bitbase

Unlike other crypto firms that only maintain an online presence, Bitbase’s business model is a bit different as it includes physical stores.

Caracas, Venezuela / Image by: Wikimedia Commons

Wed, 31 Aug 2022, 00:41 am UTC

Spain-based crypto store and ATM company Bitbase is set to become one of the first international crypto exchanges in Venezuela. The company is planning to expand its operations in the country this year and is currently scouting for employees to man its stores and service the crypto ATMs that will be installed.

Recently, crypto companies and exchanges have been flocking to Latin American countries to put up a shop or expand their operations. With various economic problems such as the devaluation of national currencies and high inflation rates, citizens in the region are looking for alternatives such as crypto to help them preserve their wealth and purchasing power.

Bitbase plans to capitalize on this high crypto adoption rate in Venezuela by expanding its operations in the country. In fact, the Spain-based crypto firm is betting that this growth in crypto usage will continue into the future, which explains the company’s confidence in opening several stores in the country.

“We are going very, very strong with landing in Venezuela this year,” Enrique De Los Reyes, the manager of Bitbase in Venezuela, explained. “We continue with the hard work, which will soon bear fruit, with all the licenses we need to operate in Venezuela. And we want to give that image of the correct mass adoption (good use) of cryptocurrencies.”

Unlike other crypto firms that only maintain online presence, Bitbase’s business model is a bit different as it includes physical stores. Employees stationed in these outlets help explain the uses of crypto to customers and act as intermediaries for crypto operations. The company believes that this onboarding process, where customers get to physically meet the company’s employees, can help convince clients who would otherwise not be interested in the crypto space.

Bitbase is now hiring employees to man its stores and install the crypto ATMs. “We already have a legal department and we are looking for new Venezuelan talents who want to come and work with us,” De Los Reyes added.

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