Bitbase, a cryptocurrency store and ATM based in Spain, is preparing to open operations in Venezuela this year. The company is now looking for employees for stores and encrypted ATMs that will be opened. Bitbase will be one of the first international exchanges to open an office in the country.
Bitbase prepares to launch operations in Venezuela
Latam has become an attractive destiny for cryptocurrency exchanges and companies due to the importance that crypto assets have reached in some countries. This is due to the region’s economic problems, including high inflation levels and depreciation of the currency. Bitbase, a Spanish-based ATM and cryptocurrency store, is preparing to launch operations in Venezuela later this year.
Conditions made the country fertile ground for the growth of cryptocurrency use. Bitbase is betting that this growth will continue, as it expects many stores to open in the country. About this, Enrique de los Reyes, director of Bitbase in Venezuela, announced:
We are going very strong with the landing in Venezuela this year. We continue to work hard, which will soon bear fruit, with all the licences we need to work in Venezuela. We want to give this picture of the right collective adoption (good use) of cryptocurrencies.
Bitbase’s business model includes physical stores, where employees explain to users how to use encryption and act as brokers for crypto operations. This focus is aimed at on-board users who value fitness and will not be interested in the cryptocurrency world.
Setup Processes
The company is now working to acquire the necessary manpower to manage and care for the public in these stores and create encrypted ATMs. About this, de los Reyes stated:
We already have a legal department and are looking for new Venezuelan talents who want to come and work with us.
Furthermore, Bitbase already operates from an office in the trade industry and the management of foreign companies at the Spanish embassy in Caracas. If launched 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 stated that the company might benefit from the commercial opening the country was experiencing at the time. In the same way, the company entered Latam by opening its first store in Paraguay in July.