The Venezuelan Fintech Crixto announced that, since August 2, Binance Pay allows users in Venezuela to pay with the USDT stablecoin at physical points of sale. Through the crixto platform, shops instantly receive the amount in bolivars, which eliminates intermediaries and expedite daily transactions.
As Crixto announced in his Instagram account, this integration “positions Venezuela as the only country in the more than 140 countries where Binance operates that has a direct cryptocurrency payment system,” with liquidation in local currency.
As William Roldán, Crixto Marketing Manager explained, to make payments, Users scan a QR code, confirm the USDT transfer from the Binance appand shops receive bolivars in real time, without intermediaries.
The system debuts in the purchase of tickets for the Nicky Jam concert that will be held on September 9, and in cinemas such as Cinepic in Sambil La Candelaria and Lido in Caracas, the capital of Venezuela.
As Cryptonotics reported above, Crixto, holds alliances with the Venezuelan bank to boost cryptocurrency operations. In fact, in February, the executive director of this company, Adrián Ruíz, informed this media about a pilot plan with the “crypt” points of sale in Caracas.
At that time, there was talk of a strategic ally that preferred not to identify and now seems to have referred to Binance. His short -term objective, he said, is Activate about 20,000 points of sale throughout the country with the Critto application.
Until now, Binance has not issued an official statement on an association with Crixto to enable USDT payments in Venezuela. To confirm it, cryptootics sent a request for comments to the company, but is still waiting for an answer.
Orlando Sevilla, promoter of Binance in the Venezuelan East, in conversation with cryptootics, cataloged the announcement as a transcendental for a country that “faces difficulties due to the lack of dollars to meet national demand.”
For him it is an alliance that eliminates friction in daily transactions and offers a legal framework that drives the adoption of cryptocurrencies In Venezuelan territory. Taking into account that it is reported that in Venezuela 10% of the population (almost 3 million people) uses cryptocurrencies.
Seville projects that this figure will double by the end of 2025, with sectors such as the oil company adopting USDT for payments to contractors. To achieve this, Crixto already has a defined roadmap. “It plans to expand to 100,000 stores nationwide, which shows that we will have greater adoption in the use of digital assets in the country, no doubt,” added the financial analyst.
Its argument is that the exchange rate for these operations will not be the BCV officer (Central Bank of Venezuela), a critical factor for shops to adopt the method massively and maximize profits within a safe regulatory framework.
