Cryptocurrencies are becoming more and more popular in Venezuela. This makes the new partnership between Cryptobuyer and Mega Soft even more important. From June 2020, the population will be able to pay with cryptocurrencies at 20,000 stores throughout the country.
The partnership between Cryptobuyer and Mega Soft
Cryptobuyer is a Panama-based startup that is likely to have taken a big step forward with this cooperation. The company aims to be able to pay any merchant with crypto currencies. However, it is up to the merchant to decide whether to have the money transferred in Fiat or in crypto currencies. Accepted crypto currencies include Bitcoin, Ether, Dash, Litecoin, Tether and many more.
The Venezuelan company Mega Soft is a payment processor that is constantly developing new payment processing solutions. Of course, Kyoto currencies should not be missing, especially with the current hyperinflation of the national currency. The company provides payment processing solutions for about 20,000 shops and businesses. These cover a wide range of needs for the average consumer. These companies include convenience stores, pharmacies, supermarkets and many other facilities.
This cooperation is expected to help the Venezuelan people in particular. Due to the hyperinflation of their own currency, the people there are forced to invest their money elsewhere. Many are relying on the US dollar for this. However, since the US dollar is a rare commodity there, some people switch to crypto-currencies to stop the immense loss in value of their money. Until now, a purchase required the respective asset to be exchanged into the local currency before it could be made.
The cooperation between Cryptobuyer and Mega Soft simplifies the entire purchasing process for customers. The exchange into the local currency „Bolívar“ is handled by the company Cryptobuyer. But there is a catch. After the introduction in June, not all 20,000 companies that process their payments via Mega Soft’s merchant servers will directly accept crypto-currencies. The stores must explicitly request this. This is stated in a report from Cryptobuyer.
Further cooperations in Venezuela
Cryptobuyer has already gained some experience in Venezuela. It has already been able to score points there with cooperations with the fast food chain Burger King and with Tamaco, one of the country’s leading hotel chains. There it has been possible to pay with crypto currencies since last March.
Bitcoin on the advance
Jorge Farías, CEO of Cryotobuyer, sees this cooperation not only as an advantage for his start-up, but also says that it would increase the acceptance of Bitcoin and other crypto currencies as a means of payment:
This is the beginning of a final trend in which we will see new technologies presented as a real alternative for financial inclusion […]. It has been a long and successful process that a professional company with more than 30 years on the market sees as a real incentive to accept crypto-currencies as a new payment method.