Crypto exchange Coincoinx plans to launch a service that will allow users seamless crypto to fiat transfers in Venezuela. With cryptocurrency in troubled waters, Coincoinx wants to launch a service that will combine crypto and fiat for traditional payments.
With Coinpago, users can make payments in every store and retailer in Venezuela that accepts Pagomovil – a banking service that allows smooth fiat transfers between banks in the country. Coincoinx said Coinpago allows customers to bypass trading their cryptocurrency to make fiat-based payments. The users can make such payments on the go.
Moreover, users can skip the platform’s phase and make use of the Pagomovil service. It will allow people to pay wherever this kind of bank-based payment method is accepted. In Venezuela, the native fiat currency has started to retake an important spot for payments. This can be attributed to the introduction of foreign fiat and cryptocurrency tax which adds 3% to any payment using these. But it has reduced the number of cryptocurrency payments, as such people now have to pay with fiat.
Leonardo Galindex, the CEO of Coincoinx, said the platform is trying to make life easier for people. He outlined that if a user has a relative in Spain who opens a Coincoinx account and has funds available in Tether or Bitcoin, they can make a pago movil instantly.
Coincoinx’s proposed service is currently in its beta stages. It will allow people outside the country to make fiat payments to pay for purchases for their families in Venezuela. It is also a way of substituting remittances.