• Bitbase, a cryptocurrency ATM company, is planning to launch operations in Venezuela this year

  • Bitbase, a bitcoin store and ATM startup based in Spain, is planning to launch operations in Venezuela later this year. The company is now hiring for the upcoming storefronts and cryptocurrency ATMs. Bitbase would be among the first multinational exchanges to establish a presence in the country.

    Bitbase is preparing to begin operations in Venezuela.

    Because of the importance of crypto assets in some countries, Latam countries have become an appealing destination for cryptocurrency exchanges and firms. This is due to the region’s economic issues, which include high levels of inflation and devaluation. Bitbase, a bitcoin ATM and storage company located in Spain, is planning to commence operations in Venezuela later this year.

    The country’s conditions have made it an ideal field for the expansion of bitcoin adoption. Bitbase expects to open several outlets across the country as it expects this momentum to continue. Enrique De Los Reyes, the manager of Bitbase in Venezuela, stated:

    “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 the correct mass adoption (good use) of cryptocurrencies.”

    Bitbase’s business strategy involves real storefronts where personnel explain how to use cryptocurrency and act as mediators for crypto transactions. This emphasis tries to attract consumers who value physicality and would otherwise be uninterested in cryptocurrencies.

    Setup Processes

    The company is now acquiring the staff required to manage and care for the public in these stores, as well as to set up crypto ATMs. De Los Reyes expressed the following:

    “We already have a legal department and we are looking for new Venezuelan talents who want to come and work with us.”

    Furthermore, Bitbase is already working out of the Spanish embassy’s trade industry and foreign enterprise department in Caracas. If it goes live this year, it will be one of the first foreign cryptocurrency companies to operate in Venezuela.

    Bitbase expressed interest in entering the Venezuelan market in February, when de Los Reyes suggested that the company might take advantage of the country’s commercial opening at the moment. Similarly, the business entered Latam in July by opening its first store in Paraguay.

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