More than 20,000 establishments will accept cryptocurrencies in Venezuela

May 7, 2020, 7:50 p.m.
Cryptobuyer une fuerzas con Mega Soft

(Caracas, May 8, 2020 / Cryptobuyer Press). Starting in June 2020, Venezuelans will be able to buy cryptocurrencies in more than twenty thousand stores throughout the country, affiliated with the “Merchant Server” platform of the Venezuelan company Mega Soft, which is installed in stores such as Farmatodo, Central Madeirense, EPA Hardware Store, BECO, Excelsior Gama, Plaza´s Automercados, Cines Unidos, among others.

The alternative possibility against the use of the dollar and the solution against the cash shortage and its risks of use due to the pandemic materializes thanks to an alliance between the Panamanian Exchange Cryptobuyer and the leading company in the integration of payment points and payment collection Mega Soft.

The integration of "Cryptobuyer Pay", (Point of Sale solution designed by the Exchange), will allow merchants that operate with Merchant Server and have the possibility to accept cryptocurrencies and automatically settle their payments in FIAT or keep their cryptocurrencies stored in your accounts; This not only provides a new payment alternative to the general public but also addresses the concerns of some merchants about the possibility of real exchange of cryptocurrencies in Dollars and Euros for their operation.

During the month of May, the activations and installations corresponding to the businesses that request it and those that have already expressed their interest in taking advantage of this alliance to provide a new payment alternative to their users will be taking place.

The list of new merchants that accept cryptocurrencies as a form of payment, affiliated with Mega Soft (one of the most important payment processors in the country with an average of 18 million transactions per month), joins the businesses that are operating with the solution. Cryptobuyer Pay is already in use in Burger King, Intercontinental Hotel, Traki Stores, Gina Stores, Samsung and other recognized businesses within Venezuela.

Merchants with Merchant Server platform will have the possibility to accept Bitcoin, Ethereum, Dash, Litecoin, Binance Coin, Tether, DAI, and Cryptobuyer's native token, XPT; alongside over 100 internationally recognized digital currencies thanks to Cryptobuyer's recent alliance with the Japanese Exchange Liquid.

More than one hundred thousand businesses at the end of 2020 will accept cryptocurrencies in Venezuela

After expressing his satisfaction at the achievement, Jorge Farías, CEO of Cryptobuyer, referred to the economic and social impact of this type of alliance for Venezuela and Venezuelans:

"This is the beginning of a definitive trend where we will see how new technologies are presented as a real alternative for financial inclusion ... It has been a long and successful process, where a professional company with more than 30 years in the market sees a real incentive to accept cryptocurrencies as a new form of payment ”- he expressed.

For his part, Antonio Castro, CEO of Mega Soft, stressed that innovation in service provision is a key policy to benefit the common Venezuelan who, on a daily basis, sometimes without even knowing it uses the products of our payment platform:

 “Although our company has a few years of experience that have given it the dominant place in the market, it has never stopped innovating. That is why we keep up to date with new trends to quickly meet the demands and needs of the market. Cryptocurrencies are a fundamental part of what will be the new forms of payment, more agile and universal, and easily accessible to all strata of the population. We are excited to launch this alliance in conjunction with Cryptobuyer and continue to be pioneers in the region. ”

The Cryptobuyer CEO concluded by reporting the growth goal for the end of 2020:

“This is not the maximum ceiling that has been raised. We hope to integrate more than 100,000 merchants into the Cryptobuyer Pay network before the end of 2020, marking an expansion not only in Venezuela but in Latin America and Europe through the installation of more Points of Sales and ATMs. ”


Growing ecosystem

The growth of the crypto-ecosystem in Venezuela has been taking shape with the integration of different protagonists who, interrelated, are generating more and more solutions for the common citizen in the face of the country's economic situation and as a transaction mechanism. Even banking, one of the sectors that had maintained some resistance to the use of digital currencies, has followed the example of large and recognized banks in the world and began to generate products in cryptocurrencies.

The announcement made by some Venezuelan banks during the first quarter of the year regarding the incorporation of some of them was the first formal approach by banks to the crypto ecosystem in Venezuela.