Over 5000 merchants in Chile now accept cryptocurrencies as a medium of payment. The new development which is a contrast to the siege laid on cryptocurrency in the country was made known through Crypto MKT, an exchange in Chile that facilitates cryptocurrency payments with Flow.cl an online payment platform. The new feat is deemed to spread into other South American countries.
5,000 Merchants in Chile Now Accept Cryptocurrency As Payment
As the word continues to spread. Chile becomes one of the best places to spend your cryptocurrencies with more than 5,000 merchants now accepting cryptocurrencies as a means of payment from their customers. The details of the new development were made known on Crypto MKT’s official blog.
This is good news as against the previous ban on cryptocurrency in the country and also the closure of bank accounts of exchanges that have taken place in recently. The development is a signal of positivity for cryptocurrency in the country and South America as a whole.
The partnership leads to the creation of CryptoCompra, that is meant to transform the relationship of cryptocurrency and merchants in the whole of South America.
The CryproCompra platform will avail merchants to receive payment in Bitcoins, Ether, and Stellar cryptocurrencies, while the merchants will still be able to get their income in the local currency. Crypto MKT’s goal is to see cryptocurrency gaining ground in South America, and Europe, as the company expands.
CryptoCompra seems to have solved one of the biggest problems with accepting cryptos online which is price volatility. Now, merchants do not have to worry about their funds increasing and decreasing in value at such a fast rate when a customer makes payment for goods or services on their platform. As carefully detailed on Cryptos MKT’s website, it states,
“There is a guarantee fund that allows payments not to be affected by large increases or decreases in the price of Bitcoin, Ethereum, and Stellar. This gives tranquility and security to the client since it will not have surprises in its payments.”
The new achievement in Chile is similar to that of Coinbase and WooCommerce partnership in March of this year, as it would see over 49 million merchants accept payment in cryptocurrencies globally. Also recently, DISH TV accepting Bitcoin Cash for subscription was made available as an option for Cable TV subscribers in India.
As the Crypto MKT seek more expansion to other countries in South America and Europe, the predictions of cryptocurrency to become the primary form of acceptance for transactions will soon be reached.