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Bitbase, a cryptocurrency store and ATM company headquartered in Spain, is preparing to open operations in Venezuela this year. The company is now looking for employees for the stores and crypto ATMs to be opened. Bitbase would be one of the first international exchanges to open an office in the country.
Latam countries have become an attractive destiny for cryptocurrency exchanges and companies due to the relevance that cryptoassets have reached in some countries. This is because of the economic problems facing the region, including high levels of inflation and devaluation. Bitbase, a Spain-based cryptocurrency ATM and retail company, is preparing to start operations in Venezuela later this year.
The conditions have made the country fertile ground for growth in the use of cryptocurrency. Bitbase is betting that this growth will continue, as they expect to open more stores in the country. About this, Enrique De Los Reyes, the head of Bitbase in Venezuela, declared:
We are going very, very strong with landing in Venezuela this year. 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 proper mass adoption (good use) of cryptocurrencies.
Bitbase’s business model includes brick-and-mortar stores, where employees explain to users how to use crypto and act as intermediaries for crypto operations. This focus aims to onboard users who value physicality and would otherwise not be interested in the cryptocurrency world.
The company is now in the process of sourcing the manpower needed to manage and nurture the crowd at these stores and to set up crypto ATMs. On this, De Los Reyes stated:
We already have a legal department and we are looking for new Venezuelan talents who want to come and work with us.
Furthermore, Bitbase already operates from an office in the Trade Industry and Foreign Companies Department at the Spanish Embassy in Caracas. If the launch happens this year, it will be one of the first international crypto companies to operate in Venezuela.
Bitbase announced its interest in entering the Venezuelan market in February when de Los Reyes stated that the company could benefit from the commercial opening the country was experiencing at the time. Likewise, the company entered Latam by opening its first store in Paraguay in July.
What do you think of Bitbase’s interest in the Venezuelan market? Tell us in the comments section below.
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