Financial entities partnered with a local cryptocurrency exchange to offer services to Venezuelan users.
by Jesús Herrera February 26, 2025 Reading time: 4 minutes
The system allows converting bolivars to cryptocurrencies, and vice versa.
A pilot test will be conducted with over 20,000 points of sale.
The banks operating in Venezuela have begun to do business with bitcoin (BTC) and cryptocurrency companies. Through a strategic alliance between the local exchange, Crixto, and a dozen traditional financial entities; users were offered the possibility to pay in commercial establishments using crypto assets.
In a press conference attended by CriptoNoticias in Caracas, the executive director of Crixto Venezuela, Adrián Ruíz, stated that they have a 'formal relationship' with the country's banking system.
"We have even formal alliances signed through contracts for the provision of services. Because for us to create this product, which is unique, the banking system needs to be complemented by us," he indicated.
According to what Ruíz revealed, strategic alliances have been reached with more than 10 Venezuelan banks from a technological standpoint. And this, Ruíz explained, goes beyond just being able to pay with cryptocurrencies in Venezuela through their mobile application.
Firstly, he revealed that they will include a Crixto APK at points of sale in Venezuela, 'as another payment option', to allow users to use their cryptocurrencies without restrictions.
Ruíz stated that, starting this week and the next, a pilot plan will begin with the points of sale in Caracas. This will be done through a strategic ally he preferred not to identify. The short-term objective, he clarified, is to activate the Crixto application within 20,000 points of sale throughout the country...