The bank will support the development of the cryptocurrency accounting app.
“With Cointable we imploded the country’s traditional financial system,” says CEO.
Yesterday, December 16, Banco Plaza announced its official support for the Cointable company. This, after winning the first cohort of the “Demo Day”, an event organized by the innovation center of the Venezuelan bank, PlazaLab.
This support will focus on promoting an application designed for accounting of digital assets in a company that accepts cryptocurrencies as a means of payment.
Cointable was selected among 79 initial projects, of which only 10 reached the final presentation phase before a specialized jury.
This platform works under a Software as a Service (SaaS) model, focused specifically on the accounting and tax areas. Its primary function is to consolidate the transactions that companies execute with bitcoin (BTC) and other digital assets on various exchange platforms.
The application allows businesses to download their movement history using .csv files or API connections. Subsequently, the system organizes the information into accounting reports that They serve as a basis for completing the tax forms required by the authorities.
Jan Domínguez, CEO of Cointable, explained in exclusive statements to CriptoNoticias the importance of this milestone:
With Cointable we imploded the country’s traditional financial system. We managed to introduce the culture of digital assets in a bank with a conservative track record and criteria, but which is now open to technological development.
Jan Dominguez, CEO of Cointable.
The bridge between Venezuelan banking and the Bitcoin ecosystem
The jury of the event included the participation of representatives of the cryptocurrency sector in Venezuela. Among them, the economist specialized in digital assets Aarón Olmos, the lawyer Roberto Hung and the businessman linked to cryptocurrencies, Eleazar Colmenares. They, along with the executive management of Banco Plaza.
Selecting a project based on digital currencies sets a precedent in Venezuelan bankingwhich has historically maintained a cautious stance towards these technologies.
The acceleration plan that Cointable will receive includes specialized mentoring, hours of technical support and outreach rounds with investors and strategic allies of the banking entity.
According to Domínguez, the objective is take the application to a large-scale production phase to meet the needs of the bank’s clients who operate with this asset class.
It must be remembered that Banco Plaza has already been linked to the cryptocurrency ecosystem, specifically with the Kontigo wallet. CriptoNoticias has reported that this banking entity partnered with the fintech to receive deposits in dollars and convert them into USD Coin (USDC), the stablecoin issued by Circle.