Bitcoin adoption in Venezuela is set to get a massive boost following a recent collaboration between the Panamanian payment processor and digital assets exchange platform, Cryptobuyer, and Venezuela-based traditional payments firm Mega Soft.
The rising Bitcoin adoption rate in Venezuela is a conspicuous outcome of the confluence of errors like the severe US-imposed sanctions, shrinking Venezuelan economy due to hyperinflation, and the now-struck coronavirus pandemic.
For a long time, citizens of this trouble-ridden economy have sought help from alternative payment modes, in addition to the flailing fiat Bolivar and state-owned Petro cryptocurrency.
Bitcoin adoption in Venezuela gets another boost
Now, it appears that the strategic alliance between Cryptobuyer and Megasoft is all set to make the most of this perfect storm and shore up the Bitcoin adoption by enabling as many as 20,000 Venezuelan merchants with cryptocurrency payment methods.
Starting from June 2020, Venezuelans will be able to deal in cryptocurrencies at prominent Venezuelan retail outlets, including Excelsior Gama, Central Madeirense, and Farmatodo, among others.
The point-of-sale solution developed by Cryptobuyer will enable retailers with Merchant Server functionality to accept payments in cryptocurrencies and instantly transfer them to fiat currency or store them in the original format.
The announcement states that the alliance comes following increasing demand from merchants around the country seeking new ways of attracting customers during social distancing measures and offering alternative payment forms in a gloom-ridden economy.
Besides Bitcoin, merchants will also be able to accept payments in Ethereum, Dash, Litecoin, Tether, and Binance Coin, among many other cryptocurrencies.
100,000 retailers under its belt by end of 2020
While the Cryptobuyer Pay has already been successfully installed by the likes of Burger King, Traki Stores, and Intercontinental Hotel in Venezuela, who are stepping up their efforts in accelerating Bitcoin adoption in the country, with Mega Soft onboard, this revolutionary concept will be able to expand its user base by leaps and bounds.
Jorge Farías, Cryptobuyer CEO, set high hopes from this partnership and forecasted that more than 100,000 retailers in Venezuela would drive the Bitcoin adoption rate by the end of this year.
This shows a promising trend, he continued, as a regular payment firm with over 30 years of experience in the market saw potential in Bitcoin adoption and decided to leverage it.
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