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Spain's Bitbase Crypto Exchange Extends to Latin America

15-Jul-2022 By: Simran Mishra
Spain's Bitbase Cryp

Spain's Bitbase Crypto Exchange Extends to Latin America

Bitbase, a Spanish crypto exchange and ATM operator, has announced the opening of a branch in Paraguay as part of its Latam growth. The firm, which had already established a facility in Portugal, is currently expanding into various Paraguayan cities with Venezuela as its next planned market.

Some crypto companies have been negatively impacted by the current bear market, but others are expanding to new territories in an effort to benefit from the popularity of cryptocurrencies. Bitbase, a cryptocurrency exchange with support in real-world locations, has announced the opening of its first facility outside of Europe. Recently, the company established a new facility in Paraguay where it would provide assistance to clients looking to enter the cryptocurrency market.

Additionally, the store will offer cryptocurrency ATMs where users may buy or sell bitcoin and other cryptocurrencies in exchange of thier respected national currency. According to Bitbase, this will be the first store of its sort to open in the nation, with additional locations soon to follow in other Paraguayan cities. Furthermore, Bitbase oversees a sizable number of cryptocurrency ATMs throughout many European cities, accounting for 6% of all ATMs on the continent.

However, the exchange has even more ambitious expansion plans. The next nation on the growth path, according to sources from the firm, will be Venezuela, where Bitbase hopes to construct a site similar to the one that recently opened in Paraguay. In January, the exchange launched its first facility outside of Spain, launching its venture into international expansion.

Back in February, the company declared its intention to expand into Venezuela. Due to Venezuela's clear cryptocurrency legal framework, it was revealed at the time that Bitbase representatives were in talks with officials in the government about bringing cryptocurrency ATMs to the nation. The outcomes of these discussions have not yet been made public.

Although the United Nations recently named Venezuela the nation with the third-highest adoption of cryptocurrencies, Venezuela has a robust crypto ecosystem despite the fact that crypto ATMs have not gained much traction. Bitbase thinks that its unconventional strategy of providing real stores with support for cryptocurrency might attract users to the ecosystem who otherwise might not be persuaded.

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