The largest retailer in Venezuela, Traki, installs its first ever Bitcoin ATMs that allow customers to buy two cryptocurrencies, BTC and Dash (DASH).
As the country crumbles under hyperinflation and sanctions from various countries across the globe, the government is turning to cryptocurrencies as a stable form of payment. Venezuelan president, Nicolas Maduro, announced the launch of free national and international payments using cryptocurrency (mainly the national crypto, Petro) at the start of the month further signaling the socialist government’s support of the crypto industry.
Traki Launches its First Bitcoin ATM
Now, Traki, one of the early adopters of Bitcoin and Dash payments in Venezuela, set up their first Bitcoin ATM machine. According to the report, the ATMs will only allow a unilateral trade, whereby customers will be able to buy BTC and DASH using fiat (currently only USD is accepted) but not sell cryptos for fiat.
VENITE-managed Bitcoin (BTC) ATMs installed in a Traki store in Caracas, Venezuela (Source: Instagram/ @criptotraki)
In an official post on Instagram, Cripto Traki, the official wing dealing with crypto services in the department store, unveiled the ATMs located in El Recreo mall in Sabana Grande, Caracas, Venezuela. VENITE (Venezolana de Intercambios), one of the largest crypto exchanges in Venezuela, will take care of the ATM and fill it up with BTC. The exchanges announced plans to extend the network of Bitcoin ATMs in the country in the coming future.
Venezuelan Bitcoin ATMs
Despite Venezuela seeing a spike in overall Bitcoin adoption since early 2017, the first ATM in the country was launched early this year. Following LocalBitcoins.com shut down in the country, the most popular peer to peer method to acquire Bitcoins then, Panama based firm, Cryptobuyer ATMs, launched the first ever ATM and the trend is catching on.