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 will be one of the first international exchanges to open offices in the country.
Bitbase Prepares to Start Operations in Venezuela
The relevance of crypto assets in some countries has made LATAM countries an attractive destination for cryptocurrency exchanges and companies. This is because the region is facing economic problems, including high levels of inflation and devaluation. Spain-based crypto ATM and store company Bitbase is preparing to launch operations in Venezuela later this year.
The circumstances have made the country fertile ground for the development of the use of cryptocurrency. Bitbase is betting on continuing this growth, as it expects to open multiple stores in the country. Regarding this, Enrique de los Reyes, the manager of Bitbase in Venezuela, announced:
We are going very strong with landing in Venezuela this year. We continue the hard work with all the licenses required to operate in Venezuela, which will soon bear fruit. And we want to give that image of true mass adoption (good use) of cryptocurrencies.
Bitbase’s business model consists of physical stores, with staff explaining how to use crypto to users, and serving as intermediaries for crypto operations. This focus aims to engage users who value physicality and are otherwise not interested in the cryptocurrency world.
setup procedures
The company is now in the process of acquiring the manpower required to manage and handle the public in these stores and to set up crypto ATMs. De los Reyes said of this:
We already have a legal department and we are looking for new talent from Venezuela who would like to work with us.
In addition, Bitbase already operates an office in the trade industry and the Foreign Companies Department of the Spanish Embassy in Caracas. If launches 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 said the company could take advantage of the commercial openings the country was experiencing at the time. Similarly, the company entered LATAM by opening its first store in Paraguay in July.
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