First Bitcoin ATM will open in the Caribbean Sea

8/30/2022, 05:51 AM
First Bitcoin ATM will open in the Caribbean Sea
Bitbase, a cryptocurrency store and ATM company, has announced its plans to launch ATM operations in Venezuela this year. The company is currently hiring employees for its stores and crypto ATMs, making it one of the first international exchanges to open an office in the country.

Latin American countries have become a lucrative destination for cryptocurrency exchanges and companies owing to the prevalence of crypto assets in these countries. These countries have also been facing economic problems, such as high inflation and devaluation, which have made the country a productive ground for the growth of the industry.

Bitbase is optimistic that this growth will continue in the country and is looking forward to opening other stores. The company's business model includes physical stores where employees will explain the basics of using digital assets to customers. This feature is targeted at onboarding users who prefer the idea of tangibility or physicality, as opposed to those who prefer the convenience of digital assets.

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 of cryptocurrencies.
- Los Royes, Bitbase Venezuela

As mentioned above, the company is currently trying to hire more employees who will be needed to engage with the public and help with the ATM set-up. Enrique De Los Reyes, manager of Bitbase in Venezuela, stated that "We already have a legal department and we are looking for new Venezuelan talents who want to come and work with us."

Bitbase is operating from an office in the industry and foreign company department of the Spanish embassy in Caracas. The company 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.