The Exchange CriptoLago and fintech company Glufco teamed up to launch a debit card that allows you to buy cryptocurrencies in Venezuela.
According to the Bitcoin newspaper, this card is the first of its kind in the South American country and the exchange authorized by the Venezuelan government is also a pioneer with this launch.
The new payment tool will support transactions in Bitcoin (BTC), Ethereum (ETH), Dash (DASH) and Petro (PTR), with options to expand the cryptocurrency repertoire and for now will not support fiat currencies.
Es fácil, es rápida, es inteligente.
Una tarjeta como la de toda la vida… pero en criptomonedas.
¿Todavía no tienes la tuya?
Entra, regístrate y solicítala en https://t.co/DTzGMPO1bO
Te llegará directamente a la dirección que tú nos indiques, vía encomienda. pic.twitter.com/MIhN88pvhR
— Criptolago (@criptolago) September 30, 2019
CriptoLAGO announced the integration on social media and highlighted that the debit card is being offered through a partnership with “investment cryptobank” Glufco. Glufco will enable the transfer of cryptocurrency from the consumer’s wallet to the merchant’s wallet, and CriptoLAGO will then facilitate any exchanges into fiat currency, specifically Venezuelan bolivars. The card will cost 0.02 petros, which is around 25,000 bolivars (~ $1.30 USD at the time of publishing).
The integration comes at a time when cryptocurrency use in Venezuela continues to accelerate, with trading on LocalBitcoins up 48% last month and hit a new record in volume. Additionally, the Venezuelan central bank has been pondering the possibility of holding cryptocurrencies and more banks are embracing the petro, the state-backed cryptocurrency.
