While Venezuela has been a leading country for cryptocurrency adoption in Latam, its citizens don’t have access to cryptocurrency ATMs. However, this might change in the future, as Bitbase, a crypto ATM company, is currently in talks with Venezuelan authorities and banks to install some of its machines and stores in the country.
Bitbase in Talks to Bring Crypto ATMs to Venezuela
Bitbase, a cryptocurrency services company, is in talks with government and banking authorities to offer crypto ATM services in Venezuela. Enrique de los Reyes, the Bitbase representative in the country, told Criptonoticias they have been eyeing Venezuela since 2017, and are now trying to take advantage of the clear cryptocurrency laws offered by the government.
De los Reyes stated:
I have never taken my eyes off Venezuela in terms of opportunity and business, especially now that a commercial opening is taking place.
Bitbase, which is a Spain-based company, is seeking to expand into new markets in Latam, including Mexico, Colombia, and Venezuela. The company is seeking to fill the market that is currently non-existent in Venezuela. In the past, there were two Crypto ATMs installed in the capital, but these stopped offering deposit and withdrawal services.
Bitbase explained it expects to finalize talks before Q3 2022, to start installing their machines in the country. De los Reyes didn’t specify the number of machines the company expects to install, but he did state they also hope to open stores in malls around the country to be closer to the customer.
National Crypto Adoption Could Benefit From ATMs
While the cryptocurrency adoption in the country is very high according to different reports, Bitbase thinks that the establishment of these ATMs and stores might give an opportunity to people still unaware of crypto to conduct operations with the help of a trusted company.
This would be the task of the aforementioned stores, that would help users download their first crypto wallet and teach them how to use cryptocurrencies. This also would ostensibly aid elderly people and users that still are unsure of using cryptocurrencies due to distrust in the system or lack of training.
However, numbers show that Venezuelans are already accustomed to the use of crypto in P2P markets, such as Localbitcoins and Binance P2P, for conducting their business and even paying for products and services without the need for crypto ATMs.
What do you think about the talks that Bitbase is having with authorities regarding the installation of crypto ATMs in Venezuela? Tell us in the comments section below.