New Crypto Exchange Opens By Panda Group On The Border Of Venezuela And Colombia

  • A new crypto ATM has been installed in the boundary between Colombia and Venezuela
  • This is going to help those individuals crossing the border
  • A new cryptocurrency exchange has been established in the boundary between Venezuela and Colombia. The goal is to help Venezuelan refugees that cross the boundary in search of help from Colombians and other countries.

New Crypto Exchange Service In Colombia

Individuals in the boundary between Colombia and Venezuela can now use the point-of-sale (PoS) service with virtual currencies to buy goods. This service is specifically located in Santander, Colombia. The payment service was created by Panda Group thinking about those individuals coming from Venezuela that need to purchase goods and services.

The information was released by the blockchain developer and CTO at Panda, Typson Sanchez on Twitter a few days ago.

This new service is a Bitcoin ATM that is the first machine that the Panda Group released to the market. At the moment, Colombia has 42 different ATMs located in its territory, something that is helping Venezuelans transact funds from one country to the other.

Users will be able to purchase Bitcoin in Colombian pesos and pay 10% more for the service they have. Moreover, those users that want to sell their Bitcoins will have to pay 5 percent more than the market value at the time. The rates are going to be provided by Localbitcoins, a large peer-to-peer network that allows users to transact Bitcoin for fiat currencies.

Arley Lozano Jaramillo, the CEO of Panda, commented that their solutions are focused on the Venezuelan people. He has also informed that they will be adding a new service called Xpay.Cash in order to encourage crypto adoption.

Both, Colombia and Argentina are the countries in South America with the largest number of crypto ATMs installed. While Colombia has 42, according to CoinATMRadar, Argentina has just 10. Venezuela has no Bitcoin ATM installed due to the hard policies and regulations implemented by the local government.

About the service, Jaramillo said:

“This service is for all our brothers to pay directly in Cucuta with their cryptoassets and mitigate the loss of exchanging from BTC to COP, which represents a loss of at least 20%.”

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