An Indian cryptocurrency exchange, which is now live in 45 countries, reports that it is “seeing immense enthusiasm and buyer activity in Venezuela,” a spokesperson for the exchange told news.Bitcoin.com. Compared to other countries, “Venezuelans are looking more at the longer-term yield of bitcoin.”
Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations
Presently, in the 45 countries we have launched [in], we are seeing immense enthusiasm and buyer activity in Venezuela … Venezuelan users were on a buying spree.
“We partnered with [a] few good local sellers,” the spokesperson said, confirming that his exchange plans to add “another 45 countries by April 2019.” Other than Venezuela, “We see demand from Panama, Thailand, Nigeria, Romania, Cameroon, Argentina, Colombia, Mexico, and Ukraine,” he detailed.
Citing similarity to Localbitcoins, the spokesperson claims, “As we are [a] pure peer-to-peer exchange with an instant coin conversion feature, there is no specific licensing for it at the moment.”
Venezuelans can buy and sell over 120 coins on the Instashift platform. In addition to purchasing cryptocurrencies with the sovereign bolivar, the spokesperson pointed out that “it’s interesting to note they are using USD as well,” elaborating:
They are buying only BTC at the moment … [we] have not yet found any user seeking altcoins … [our] volume in Venezuela has been roughly growing 5-7% daily.
“We have more than 500 users there driving this volume,” he added, noting that Instashift uses the liquidity from major exchanges such as Binance to execute its “flip” orders. Flip is the exchange’s near-instant coin conversion service. “You can flip in under two seconds,” he claims.
On Localbitcoins, the BTC trading volume for Venezuela has also been growing significantly.
What do you think of the demand for BTC in Venezuela? Let us know in the comments section below.
Images courtesy of Shutterstock, Instashift, and Coin.dance.
Need to calculate your bitcoin holdings? Check our tools section.
The post Indian Cryptocurrency Exchange in 45 Countries Sees Strong Demand in Venezuela appeared first on Bitcoin News.
Source: NewsBtc
Popular cryptocurrency analyst, Michael van de Poppe has predicted a major bullish breakout for Chainlink…
In an ever-evolving world of cryptocurrency markets, deciding the bottom of Bitcoin price correction is…
The XRP Ledger (XRPL) is set to undergo a series of substantial enhancements that promise…
Data shows the Bitcoin Open Interest as a percentage of its market cap has been…
Michael Saylor, the tech entrepreneur who steered MicroStrategy into a Bitcoin behemoth, is back in…
Solana (SOL) is currently up by 4% after jumping from $142 to $148 in the…