PART 2:
2. For commerce: zero USDT, 100% bolívares in seconds
The proposal for the merchant is the pillar of the model launched by the Venezuelan fintech, a company that seeks to eliminate any friction, as mentioned by Crixto's CEO, Adrián Ruiz, in an exclusive conversation with CriptoNoticias.
Crixto, registered with the National Superintendency of Crypto Assets (Sunacrip), acts as an intermediary that automatically converts cryptocurrencies into local currency, eliminating the need for merchants to handle digital assets.
The business sets its price in bolívares and, when a customer pays with USDT, receives the exact amount in their bank account in seconds, without managing stablecoins or cryptocurrencies transferred by their customers.
"It's like the Visa or Mastercard model," explained Ruiz. During the operation, "Crixto takes care of the conversion and assumes the volatility, making the process completely transparent and secure for the seller," he added.
3. The user's dilemma: Convenience or a 7% cost?
Here lies the greatest point of friction for the end user. An analysis of Crixto's own demonstration transaction revealed that the exchange rate applied was approximately 7% less favorable than the P2P market rate on Binance for that same day. In other words, using the service is more expensive. So where is the convenience?
Adrián Ruiz lists it as follows: it eliminates the problems of cash (torn bills, lack of change), the tax on large transactions (IGTF), and the need to go through the P2P cryptocurrency market on Binance. It is an immediacy solution, especially useful for those who do not have an account in bolívares, but with an associated cost that each user must weigh.
Crixto's integration with Binance Pay stands out for its focus on establishing a fair market value for transactions with crypto assets, such as USDT, in compliance with Venezuelan regulations.
