The announcement that the Venezuelan Fintech will allow us to pay with the USDT stable through Binance Pay, quickly became a multiple reactions prism.
As Cryptonoticia reported, the Crixto company announced an integration with Binance Pay, during the weekend. With this, they allow users in Venezuela Use the Binance Pay balance to buy in local shops and that they receive bolivars instantly. All this under the protection of a company registered with the National Superintendence of Cryptoactives (Sunacrip).
The initiative was applauded by some users who see the service as a step towards formalization of services with cryptocurrencies in Venezuela. However, others question it for various reasons, unleashing a brainstorm.
The first controversy line focuses on the association or alliance words used by the suppliers of the offer in a video posted on the Instagram account of the Cryxto company. Critics as the user of X @rufian They point out that the narrative of a formal association is misleading. “Anyone who knows the system (…) will know, what they did was connect an API for normal users to send to Binance Pay from Cryto and process the payments internally,” he said.
The official Binance silence feeds this theory. To date, in the center of Exchange ads There is no mention of Crixto, which suggests that it could be a unilateral integration of his API, A tool that thousands of developers use worldwide without the need for a formal association.
The second big issue of comments addresses the regulatory framework. For Miguel, from the account Soy_ecommercethe play is legally cunning, which is positive for the growth of cryptocurrency adoption.
«This case, which involves Binance Pay and not the P2P is perfect for this alliance between Binance and Crito and everything is entitled. I applaud this initiative, ”he said, highlighting that Crixto, being an exchange that manages the conversion to Fíat, complies with the law by being registered with the national regulator, Sunacrip.
The pocket test: convenience or hidden cost?
Beyond the semantics or the legitimacy of the process, the most practical question for the user is about the benefits offered by an integration between Crito and Binance Pay. About this commented Ricardo Sánchez in The promotional video Posted on Instagram. According to its analysis, the transaction made to demonstrate how the system works, calculated a rate of 154.98 bolivars per USDT.
“The Binance P2P market rate for the same day was around 165.80 ves/USDT,” said Sánchez. His conclusion is that Using the crixto bridge was 6.98% more expensive to change the USDT to Bolivars in the Binance P2P and pay directly.
So what is the benefit? Sánchez summarizes it in a word: convenience. “It is useful to get a hurry who has a binance account with USDT and does not have access to a bank account in Bolívares,” he clarifies. It is a solution of immediacy, but with an associated cost.
To corroborate the exchange rate, Cryptonoticias contacted the Critto team and we will be updating the information as soon as an answer is obtained, as well as the one requested yesterday to Binance.
In short, Crixto’s initiative has uncovered the complex layers of Venezuelan financial ecosystem. Which For some it is innovation and formalizationfor others it is a expensive marketing maneuver with a questionable regulatory support. The final response about its success and legitimacy will not have a statement, but the adoption of the market, something about what is missing education, and above all, end the stigmatization that exists on the cryptocurrency sector in the country, as specialist told Cryptonotics the specialist Guillermo Fernández.
He adds that in Venezuela, the fact that Venezuelans approach Bitcoin and cryptocurrencies to the same extent that the Bolívar devaluation is deepened. But at the same time, it is complicated that in the country it is educated on digital assets, and that is “because people have to voluntarily want to be educated.”
