Venezuela is living a voracious hyperinflation. As an escape measure, citizens have sought alternatives to the Bolivar in order to protect the value of their money. The US dollar has become a currency of daily use and more and more people are interested in bitcoin and other cryptocurrencies.
With a vision very consistent with these events, the operator Cryptobuyer, together with PundiX and Panda Group are moving forward in the deployment of a crypto-based payment platform implemented in the network of trading in the Caribbean country.
The retail store Traki is a pioneer in terms of payments with crypto assets in Venezuela, but now with this new alliance, the activation of POS of cryptocurrency in Venezuelan territory is being promoted.
Venezuela is one of the most active countries in the commercialization of bitcoins through LocalBitcoins, a global platform for the sale of BTC with fiat currencies.
The commercial volume of bitcoin in Venezuela records historical record. Nearly 68,000 million sovereign bolivars moved into operations with the cryptocurrency, according to statistics firm Coin Dance, which is based on the movements of Localbitcoin, one of the most famous online currency exchange houses. In Venezuela, the previous record was recorded in the week of July 20, when Coin Dance accounted for 57.8 billion bolivars. It is difficult to establish an average level, as seen with perspective, 2019 has been a year on the rise.
This is reported by the specialized media Cointelegraph.
The CTO of Panda Group, Typson Sánchez stated that at the beginning of August they installed a point of sale (PandaBTM) in the state of Mérida, specifically in the Xinestesia taproom , located in the capital of the Andean state, where users can cancel using bitcoin (BTC), bitcoin cash (BCH), DAI and DASH. In the coming months they hope to integrate more crypto assets, specifically ETH, ZEN and BNB.
Source: Typson Sánchez, Panda Group.
This is the first physical device of Panda Group in Venezuela. But, as Sánchez explained, they have 60 stores distributed between Venezuela and Colombia that use their payment processor, XPay.
Source: Typson Sánchez, Panda Group.
Conclusion
The levels of crypto adoption are in sharp rise within the Venezuelan territory.
Despite the great economic crisis that plagues Venezuela, where the exercise of economic freedoms is seriously compromised, there are companies that, relying on the increase in transaction volumes in BTC and other cryptocurrencies within Venezuelan territory, are arranging their capital to innovate and offer alternatives that are at the forefront of technology in the field of crypto assets.
This undoubtedly are positive aspects that benefit the Venezuelan population, who are increasingly discovering and adopting the advantages of cryptography.
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