Cryptocurrency adopting in the southern America region is on the rise and is soon becoming more prevalent following a recent development by Samsung experience stores and Cryptobuyer. This week the two teamed up to allow Samsung customers to make payments in crypto including Bitcoin, Dash, and Litecoin in their Panama and Venezuelan stores.
Revealing the partnership on Twitter, Cryptobuyer stated that:
“We are pleased to announce that Samsung Experience Stores in #Panama and #Venezuela have adopted #Cryptobuyer Pay Point of Sale solution, from today you can pay with #Bitcoin #Dash and #Litecoin on the stores.”
Samsung Experience stores are not official stores operated by the South Korean technology giant but they are affiliated to the brand and hold the good and merchandise sold by Samsung.
“The stores offer a wide range of consumer electronics, mobile telephony, TVs, and home appliances among other products that can now be paid for with cryptocurrencies such as Bitcoin, Dash, Litecoin and XPT in the coming months,” a notification on the Cryptobuyer blog explained.
The new partnership will allow the stores to accept payments in crypto as well as gain access to the Cryptobuyer payment processor. This way the stores could automatically choose to convert the payments to fiat or alternatively chose to keep the crypto in their books.
As explained by Cryptobuyer CEO Jorge Farias, store operators “choose to have the funds converted to fiat, but keep a percentage in crypto. This is the biggest differentiating factor to our service: we are not only a point-of-sale solution, but we are also a flexible payment processor that can be adapted to any merchants.”
Venezuela is currently undergoing an economic crisis that has seen the country’s fiat currency become less valuable each second as inflation rates skyrocketed over the last several months. Now, most residents are looking for alternatives for their hard earned cash and crypto has offered a home for most individuals.
Dash, in particular, has gained huge adoption thanks to the hyperactive agents aiding the adoption of several merchants in the country. So far as many as 2,500 merchants are accepting Dash as a payment method. The addition of Samsung experience stores will further help in validating the technology and providing crypto holders an extra place to spend their funds.
According to Farias, Cryptobuyer has seen massive adoption across Venezuela and some parts of neighboring Columbia. However, they are not stopping there. They are planning expansion across Latin America. “We are adding more chains in the region besides Venezuela. We are going to Mexico and Argentina very soon.”