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Bitbase, a Spanish cryptocurrency exchange and crypto-ATM operator, has announced its expansion into Latam with the establishment of a store in Paraguay. The company, which had previously opened a store in Portugal, is now bringing its business to several locations in Paraguay, with a view to Venezuela as the next destination for its expansion plans.
While the current bear market has negatively affected some cryptocurrency companies, others are expanding to new latitudes, and want to take advantage of the popularity of crypto. Bitbase, a cryptocurrency exchange that offers support in physical stores, has announced the establishment of its first store outside Europe. The company recently opened a new store in Paraguay, where it will provide support to customers who want to enter the crypto world.
The store will also have its own cryptocurrency ATM, which will allow customers to buy or sell bitcoin and other cryptocurrencies in exchange for Paraguayan fiat currency. According to Bitbase, this will be the first store of its kind in the country and will be followed by several stores opening in other cities in Paraguay. Bitbase also manages a significant number of crypto-ATMs in several places in Europe, and runs 6% of the total on the continent.
However, the expansion plans for the exchange go even further. According to reports from the company, the next country on the growth plan will be Venezuela, where Bitbase aims to establish a place similar to what was just opened in Paraguay. The stock exchange opened its first position outside Spain in January, marking the beginning of their entry into international expansion.
The company announced its interest in taking its business to Venezuela back in February. At the time, it announced that Bitbase representatives were in talks with people in the Venezuelan government to bring cryptocurrency ATMs to the country, due to the clear legal framework for cryptocurrency offered by Venezuela. However, the results of these meetings have not yet been announced.
While Venezuela has a thriving cryptocurrency community, with the UN recently recognizing it as the country with the third highest adoption, cryptocurrency ATMs have not been popular. Bitbase believes that its distinctive approach to crypto, which offers supported physical stores, can help bring customers to the crypto ecosystem that would not have been lured under other circumstances.
What do you think about Bitbase expanding to Latam via Paraguay and Venezuela? Tell us in the comments section below.
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