Bitbase is a cryptocurrency store and ATM company which has now decided to launch its ATM operations in Venezuela this year.
Bitbase is currently planning to hire employees for its stores and the crypto ATMs that are to be introduced.
This could make the ATM company one of the first international exchanges that have planned to open an office within the country.
At the moment, Latin American countries have been chosen as a lucrative destiny for cryptocurrency exchanges and companies owing to how prevalent crypto assets have become in those countries.
Latem countries also have been facing economic problems which include high levels of inflation and devaluation too. Bitbase is a Spain-based cryptocurrency ATM and store company.
These conditions have made the country a productive ground for the growth of the industry as a whole.
Bitbase has been optimistic that this growth would continue in the country and it also looks forward to opening other stores.
Crypto ATM’s Business Model
The business model of Bitbase includes physical stores where the employees shall be explaining to the users about the basic ways of using the digital asset.
That would also serve as intermediaries for the crypto operations.
This feature is targeted to onboard the users who prefer the idea of tangibility or physicality and barring that feature would deter these users from entering the crypto space.
As mentioned above, the company is currently trying to hire more employees who would be needed to carry out the exercise of engaging with the public and overall help with the ATM set-up.
Enrique De Los Reyes, manager 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.
ATM Set Up Procedure
Bitbase the crypto ATM is operating from an office in the industry and foreign company 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 the correct 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 be taking advantage of 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.
Featured image from UnSplash, chart from TradingView.com