Nowadays, more than 5,000 merchants in Chile accept cryptocurrencies as a medium of payment. This new development, which is a contrast to the siege laid on cryptocurrency in the country, has been made known through Crypto MKT, which is an exchange in Chile which facilitated cryptocurrency payments with Flow.cl, an online payment platform. The new feat is deemed to spread into some other South American countries.
More than 5,000 merchants in Chile accept cryptocurrency as payment
As the word spreads, Chile becomes one of the best places for spending your cryptocurrencies with more than 5,000 merchants now accepting cryptocurrencies as a medium of payment from their customers. The details of the new development were made known on the official blog of Crypto MKT.
This is actually good news against the previous ban on cryptocurrency in the country, and the closure of bank accounts of exchanges which have taken place in recently. The development is actually a signal of positivity for cryptocurrency in the country, as well as in South America as a whole.
The creation of CryptoCompra
The partnership actually leads to the creation of CryptoCompra, which is meant to transform the relationship of cryptocurrency, as well as merchants in the whole of South America.
The CryproCompra platform is going to avail merchants to receive payment in Bitcoins, Ether, as well as in Stellar cryptocurrencies, while the merchants are still going to have the ability to get their income in the local currency. The purpose of Crypto MKT is to see cryptocurrency gaining ground in South America, as well as in Europe, as the company expands.
CryptoCompra looks like it has solved one of the most significant problems with accepting cryptos online which is price volatility. Now, merchants don’t have to be worried about their funds increasing, as well as decreasing in value at such a fast rate when a customer makes payment for goods or services on their platform.
A guarantee fund which gives tranquility and security to the client
As the website of Cryptos MKT carefully explained, there is a guarantee fund which permits payments not to be affected by substantial increases or decreases in the price of Bitcoin, as well as Ethereum and Stellar. This also gives tranquility and security to the client, as it is not going to have surprises in its payments.
This new achievement in Chile is actually similar to that of Coinbase and WooCommerce partnership in March 2018, as it is going to see over 49 million merchants accept payment in cryptocurrencies globally. In recent times too, DISH TV allowing Bitcoin Cash for subscription was made available as an option for Cable TV subscribers in India.
Because the Crypto MKT looks for more expansion to other countries in South America, as well as in Europe, the predictions of cryptocurrency to become the primary form of acceptance for transactions is soon going to be reached.