Crypto ATM Company Bitbase Prepares to Open Operations in Venezuela This Year

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 that will be opened. Bitbase would be one of the first international exchanges to open an office in the country.

Bitbase Prepares to Launch Operations in Venezuela

Latam countries have become an attractive destiny for cryptocurrency exchanges and companies due to the relevance that crypto assets have reached in some countries. This is because of the economic problems that the region is facing, including high levels of inflation and devaluation. Bitbase, a Spain-based cryptocurrency ATM and store company, is preparing to launch operations in Venezuela later this year.

The conditions have made the country fertile ground for the growth of cryptocurrency usage. Bitbase is betting on this growth to continue, as it expects to open several stores in the country. About this, Enrique De Los Reyes, the manager 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 the correct mass adoption (good use) of cryptocurrencies.

Bitbase’s business model includes physical stores, in which employees explain to users how to use crypto and serve as intermediaries for crypto operations. This focus aims to onboard users who value physicality and would otherwise not be interested in the cryptocurrency world.

Setup Processes

The company is now in the process of acquiring the manpower needed to manage and tend to the public in these stores and to set up crypto ATMs. About 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 is already operating from an office in the trade industry and foreign company department of the Spanish embassy in Caracas. If the launch happens this year, it would 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 might take advantage of the commercial opening the country was experiencing at that time. In the same way, the company entered Latam by opening its first store in Paraguay in July.

What do you think about Bitbase’s interest in the Venezuelan market? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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