Crypto ATM Company BitBase Launches Services in Venezuela
Bitbase is a cryptocurrency store and ATM company that has now decided to launch its ATM business in Venezuela this year.
Bitbase is currently planning to hire staff for the stores and crypto ATMs to be introduced.
This could make the ATM company one of the first international stock exchanges to plan to open an office in the country.
Currently, Latin American countries are chosen as a lucrative destination for cryptocurrency exchanges and companies due to how widespread crypto assets have become in these countries.
Latem countries have also faced economic problems which include high levels of inflation and devaluation as well. Bitbase is a Spain-based cryptocurrency ATM and retail company.
These conditions have made the country a productive base for the growth of the industry as a whole.
Bitbase has been optimistic that this growth would continue in the country, and it is also looking forward to opening other stores.
Crypto ATM’s business model
The business model of Bitbase includes physical stores where the employees will explain to users the basic ways to use the digital resource.
It will also act as an intermediary for the crypto operations.
This feature is aimed at users who prefer the idea of tangibility or physicality, and blocking this feature will deter those users from entering the crypto space.
As mentioned above, the company is currently looking to hire additional staff that would be required to carry out the public engagement exercise and general assistance with the ATM setup.
Enrique De Los Reyes, head of Bitbase in Venezuela stated regarding this that,
We already have a legal department and we are looking for new Venezuelan talents who want to come and work with us.
Setup procedure for ATMs
Bitbase, the crypto ATM, operates from an office in the Industry and Foreign Companies Department of the Spanish Embassy in Caracas.
Los Reyes mentioned,
We are going very, very strong with landing in Venezuela this year. We continue with the hard work, which will soon bear fruit, with all the licenses we need to operate in Venezuela. And we want to give that image of proper mass adoption (good use) of cryptocurrencies.
Bitbase spoke about its interest in entering the Venezuelan market in February when Reyes mentioned that the company will benefit from the commercial opening in the country.
It also entered the Latin American space through its first store in Paraguay in the month of July this year.
