Latam nations have been a popular destination for cryptocurrency exchanges and businesses due to the high level of relevance that crypto assets enjoy in certain countries. The region’s economic difficulties, which include high inflation and devaluation, are the reason for this. Bitbase, a Spanish-based cryptocurrency ATM and store, will launch operations in Venezuela this year.
These conditions have been favorable for cryptocurrency usage growth. Bitbase expects this growth to continue and will open more stores in the country. Enrique De Los Reyes is Bitbase’s Venezuela manager. has declared.
We are very focused on landing in Venezuela this year. We are continuing to work hard, and this will soon pay off with all the licenses that we need in Venezuela. We want to project that image of mass adoption (good use of cryptocurrency).
Bitbase has physical stores that provide information and services to customers about crypto. This is a way to attract users who are interested in physicality but would not otherwise be interested in cryptocurrency.
The Setup Process
Now, the company is in the process to acquire the necessary manpower to manage these stores and set up crypto ATMs. De Los Reyes spoke out about this:
We have a legal team and are always looking for talented people from Venezuela to join us.
Bitbase also operates from a branch in Caracas’s trade sector and foreign company section of the Spanish Embassy in Caracas. It would be the first crypto company to open in Venezuela if it launches this year.
Bitbase declared its interest to enter the Venezuelan market when de Los Reyes suggested that the company might benefit from the country’s current commercial opening. The company also entered Latam in the same manner, opening its first Paraguay store in July.