Spanish cryptocurrency exchange and crypto ATM operator Bitbase has announced its expansion into Latam, establishing a store in Paraguay. Having previously opened a store in Portugal, the company has set its sights on Venezuela as its next planned expansion destination and will now operate in several locations in Paraguay.
Bitbase Looks Towards Latam
(Bitbase Looks Towards Latam
The current bear market has negatively impacted some cryptocurrency companies, but others are expanding into new latitudes and trying to capitalize on the popularity of crypto
Bitbase, a cryptocurrency exchange that offers support in physical stores,announced the establishment of its first store outside of Europe. The company recently opened a new store in Paraguay to lend support to customers who want to enter the world of crypto.
The store will have its own cryptocurrency ATM, where customers will be able to buy or sell bitcoins and other cryptocurrencies in exchange for Paraguayan fiat currency. According to Bitbase, this will be the first store in the country, with stores to open later in other Paraguayan cities.Bitbase also manages a significant number of crypto ATMs in several European locations, running 6% of the continent’s total.
However, the exchange’s expansion plans go further. According to reports from the company, the next country on its growth roadmap is Venezuela, where Bitbase aims to establish a location similar to the one it just opened in Paraguay. The exchange opened its first location outside of Spain in January, marking the start of its path to international expansion.
The company reported in February that it was interested in expanding its operations to Venezuela. At the time, due to the clear cryptocurrency legal framework provided by Venezuela, Bitbase representatives announced that they were in discussions with people in the Venezuelan government about introducing cryptocurrency ATMs. However, the results of these meetings have not yet been disclosed.
Although Venezuela has an active crypto community and was recently recognized by the UN as the third most adopted country, cryptocurrency ATMs are not popular. Bitbase believes that its unique approach to crypto of offering supported physical outlets will help bring customers into the crypto ecosystem that would not be tempted in other circumstances.
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