Spanish operator Bitbase will open a physical store and ATM in Paraguay.
- Bitbase starts operations in Latin America
- Will open a physical store and ATM in Asuncion, Paraguay
- He has his sights set on Venezuela as a second destination
Many fear what has been dubbed the “crypto winter”, with cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. prices falling. However, despite this, many companies in the sector are still expanding and looking to grow. This is the case of the Spanish cryptocurrency exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. and cryptocurrency ATM operator, Bitbase which this week announced its expansion into Latin America with the establishment of a physical store and ATM in Asuncion, capital capital is most commonly defined as the large sum of money you would use to invest. of Paraguay.
Bitbase has had a good performance in Spain and it is one of the companies that are registered and approved by the Bank of Spain to operate. It also manages a significant number of crypto ATMs, 42% of the total in Spain, and wants to continue opening more machines in Latin America.
Now, when you look across the ocean, it’s interesting country selection, because it’s one of the smallest economies in the region. However, Paraguay’s congress is working on a cryptocurrency bill, which would has already been approved in May by the Chamber of Deputies, but it is still in the legislative process, now in the Senate again.
Paraguay: first destination
According to media reports, the company Bitbase already opened a physical store in Portugal in January, and is now moving its operations to several locations in Paraguay, starting with Asunción.
The store located in Asuncion will have its own cryptocurrency ATM, which will allow customers to buy or sell bitcoins and other cryptocurrencies in exchange for Paraguayan fiat fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit. currency. According to Bitbase , esta will be the first store of its kind in the country. and will be followed by the opening of more stores in other cities in Paraguay.
Store and ATM will begin operating on July 18 and will be located right across the street from theCC Shopping Mariscal. According to the reports, the ATM will not only operate to acquire Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. but many other well-known cryptocurrencies.
Venezuela in the spotlight
The company does not stop its growth plans. According to company reports, it already has 30 physical stores and about 100 ATMs, the next country on the growth roadmap a roadmap is a high-level visual summary that helps map out the vision as well as the direction of a specific product. is Venezuela, donde Bitbase intends to establish a location similar to the one that has just opened in Paraguay.
Already at the beginning of the year, Bitbase had expressed interest in taking his business to Venezuela. As reported by Bitcoin.com, at that time, announced that representatives of Bitbase were in talks with people in the Venezuelan government to bring cryptocurrency ATMs to the country, due to the legal framework for cryptocurrencies that Venezuela offers. However, the results of these meetings have not yet been released.
It is worth noting that, even though there are more than 38,000 crypto ATMs in the world, according to CoinATMRadar South America continues to lag far behind, with only 93 ATMs. ATM Bitcoin 0.2% of the world total.
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Imagen de Unsplash (ATM referential)