Crypto ATM Firm Bitbase Prepares to Open Operations in Venezuela This Year CryptoBlog

Bitbase, a cryptocurrency store and ATM company headquartered in Spain, is gearing up to open operations in Venezuela this year. The company is now looking for employees for the crypto stores and ATMs that will be opened. Bitbase is said to be one of the first international exchanges to open an office in the country.

Bitbase prepares to launch operations in Venezuela

Latin American countries have become an attractive destination for cryptocurrency exchanges and businesses due to the relevance that crypto assets have achieved in certain countries. This is due to the economic problems facing the region, including high levels of inflation and devaluation. Bitbase, a Spanish ATM and cryptocurrency store company, is gearing up to launch operations in Venezuela later this year.

The conditions have made the country fertile ground for the growth of cryptocurrency usage. Bitbase bets on the continuation of this growth, since it plans to open several stores in the country. In this regard, Enrique De Los Reyes, the head of Bitbase in Venezuela, declared:

We are going very, very hard with the landing in Venezuela this year. We continue the hard work, which will soon pay off, with all the licenses we need to operate in Venezuela. And we want to give that picture of correct mass adoption (good use) of cryptocurrencies.

Bitbase’s business model includes physical stores, where employees teach users how to use crypto and act as intermediaries for crypto transactions. This goal aims to integrate users who enjoy physics and would otherwise not be interested in the world of cryptocurrency.

Setup process

The company is now in the process of acquiring the necessary manpower to manage and care for the public in these stores and to set up crypto ATMs. On this, De Los Reyes said:

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

Furthermore, Bitbase already operates from an office of the Commercial Industry and Foreign Companies Department of the Spanish Embassy in Caracas. If launched 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 said the company could take advantage of the commercial opening the country was experiencing at that time. Likewise, the company entered Latam by opening its first store in Paraguay in July.

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

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