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Bitbase, a Spanish cryptocurrency exchange and crypto ATM operator, has announced its expansion to Latam with the establishment of a store in Paraguay. The company, which had previously opened a store in Portugal, is now bringing its operations to several locations in Paraguay, having its sights on Venezuela as the next destination for its expansion plans.
Bitbase Looks Towards Latam
While the current bear market has affected some cryptocurrency firms in a negative way, others are expanding to new latitudes, looking to capitalize on the popularity of crypto. Bitbase, a cryptocurrency exchange that offers support in physical stores, has announced the establishment of its first store outside Europe. The company recently opened a new store in Paraguay, where it will lend support to customers wanting to get into the world of crypto.
The store will also have its own cryptocurrency ATM, that will allow customers to purchase or sell bitcoin and other cryptocurrencies in exchange for Paraguayan fiat currency. According to Bitbase, this will be the first store of its kind in the country and will be followed by more stores opening in other cities in Paraguay. Bitbase also manages a significant number of crypto ATMs in several locations in Europe, running 6% of the total on the continent.
However, the expansion plans for the exchange go even further. Per reports from the company, the next country on the growth roadmap will be Venezuela, where Bitbase aims to establish a location similar to the one just opened in Paraguay. The exchange opened its first location outside Spain in January, marking the beginning of its foray into international expansion.
The company reported its interest in taking its business to Venezuela back in February. At that time, it announced that representatives of Bitbase were in talks with people in the Venezuelan government to bring cryptocurrency ATMs to the country, due to the clear cryptocurrency legal framework that Venezuela offers. However, the results of these meetings have yet to be disclosed.
While Venezuela has a thriving crypto community, with the United Nations recently recognizing it as the country with the third-highest adoption, cryptocurrency ATMs have not been popular. Bitbase believes that its peculiar approach to crypto, offering physical stores with support, can help to bring customers to the crypto ecosystem that would not be enticed under other circumstances.
What do you think about Bitbase expanding to Latam via Paraguay and Venezuela? Tell us in the comments section below.
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