Digital Assets: Cryptobuyer-Mega Soft Tie-up to Allow Venezuelans the Use of Cryptos

May 19, 2020 | Digital Assets, News
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Effective June, they can use bitcoin to pay for purchases at 20,000 PoS terminals.

Panamanian crypto exchange Cryptobuyer has tied up with Venezuelan local payments processor Mega Soft to enable the use of bitcoin by shoppers at Venezuela’s biggest retail chains.

Starting June, more than 20,000 point-of-sale (PoS) located throughout Venezuela will accept bitcoin and other cryptocurrencies in payment for shoppers’ purchases of goods and services. (Bitcoin.com)

Cryptobuyer

According to CoinMarketCap, Cryptobuyer is a crypto asset company that has been running since December 2015 in Panama and Venezuela. Cryptobuyer offers services that enable the integration of digital currencies in daily life, such as digital payments, BTM multi-asset machine solutions, and BitATM franchises. Its POS solution, comprising Cryptobuyer PAY and token XPT, integrates across +40k business in Latin America, where people can pay with the crypto assets that the platform supports.

Mega Soft

Stores affiliated with Mega Soft and connected to its Merchant Server platform will be able to process crypto payments. These include BTC, Binance coin, dai, dash, ether, tether, and Cryptobuyer’s native token, XPT. Merchants accepting cryptos have the option to convert them into fiat currencies or store them in crypto wallets.

The system allows shoppers to pay with an alternative to the bolivar, the national Venezuelan currency. The latter is considered almost worthless given its incredible 3000% rate of inflation. Mega Soft is well known and accepted in Venezuela, where it processes about 18 million transactions every month.

Venezuelans and cryptos

Venezuelans have been increasingly taking to cryptocurrencies as a means to run their lives. Freelancers and other service providers elect to receive their payments from overseas customers in cryptocurrencies. They can exchange these at various sites for bolivars to fund their daily needs.

More than three million Venezuelans have left the country and live and work abroad. They send back money to their families using cryptocurrencies.

Venezuela’s crypto, the Petro, has been a dismal failure. Most people use the Petro app to trade and exchange other cryptos such as bitcoin.

A new form of payment

“Cryptocurrencies are a fundamental part of what will be the new forms of payment, more agile and universal, and easily accessible to all strata of the population,” said Antonio Castro, CEO of Mega Soft. “We are excited to launch this alliance in conjunction with Cryptobuyer and continue to be pioneers in the region. ”

Castro said he plans to integrate more than 100,000 merchants into the Cryptobuyer Pay network before the end of 2020.

Jorge Farías, CEO of Cryptobuyer, said: “This is the beginning of a definitive trend where we will see how new technologies are presented as a real alternative for financial inclusion … It has been a long and successful process, where a professional company with more than 30 years in the market sees a real incentive to accept cryptocurrencies as a new form of payment.”

Related Story:  Venezuela may use Bitcoin as a reserve currency                                                 

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