Bitbase, a cryptocurrency store and ATM company based in Spain, is preparing to open operations in Venezuela this year. The company is currently looking for employees for its stores and crypto ATMs. Bitbase will be one of the first international exchanges to open an office in the country.
Bitbase is set to launch operations in Venezuela.
Latham countries have become an attractive destination for cryptocurrency exchanges and companies due to the relevance of crypto assets in some countries. This is because of the economic problems the region is facing, including high inflation and inflation. Bitbase, a Spain-based cryptocurrency ATM and store company, is preparing to start operations in Venezuela later this year.
The conditions make the country a fertile ground for the use of cryptography. Bitbase is betting on this growth as it expects to open more stores in the country. So Enrique de los Reyes, Bitbase Manager in Venezuela:
This year we are going very, very hard by landing in Venezuela. We will continue to work hard on all the permits we need to work in Venezuela, which will soon bear fruit. And we want to give that image to the actual mass adoption (in good use) of cryptocurrencies.
Bitbase’s business model involves physical stores, in which employees explain to users how to use crypto and act as intermediaries for crypto transactions. This focus is on users who value physicality and are otherwise uninterested in the cryptocurrency world.
Configuration procedures
The company is now in the process of acquiring the required manpower to manage and maintain the people and set up crypto ATMs in these stores. Therefore, de los Reyes:
We already have a legal department and we are looking for new Venezuelan talents who want to come and work with us.
In addition, Bitbase is already operating from an office in the Trade Industry and Foreign Company Department of the Spanish Embassy in Caracas. If the launch happens this year, it will be one of the first international crypto companies to operate in Venezuela.
Bitbase announced its intention to enter the Venezuelan market in February, and de los Reyes said the company could take advantage of the trade opening the country was experiencing at the time. Similarly, the company entered Latham by opening its first store in Paraguay in July.
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