The Indian exchange of cryptocurrencies in 45 countries sees strong demand in Venezuela

January 3, 2019 Cryptocurrency

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An Indian cryptocurrency exchange, which now lives in 45 countries, reports that "it is seeing tremendous enthusiasm and buyer activity in Venezuela," a spokesperson for the exchange at Bitein.com said. Compared to other countries, "the Venezuelans look more to the long-term yield of bitcoin".

Read also: The Indian Supreme Court moves the cryptographic hearing, the community asks for positive regulations

Live in 45 countries

<img class = "size-medium wp-image-269832 alignright” title=”The Indian exchange of cryptocurrencies in 45 countries sees strong demand in Venezuela” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/instashift-logo-300×64.jpg” alt=”The Indian exchange of cryptocurrencies in 45 countries sees strong demand in Venezuela "width =" 300 "height =" 64 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/instashift- logo-300×64 .jpg 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/instashift-logo-768×164.jpg 768w, https://news.bitcoin.com/wp-content/ uploads / 2019 /01/instashift-logo-696×148.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2019/01/instashift-logo.jpg 887w "sizes =" (maximum width: 300px ) 100vw 300 px”/>Indian cryptocurrency Exchange Instashift is now available in 45 countries. After the launch in India and Canada in February, the exchange began to launch the service in a handful of countries in November, offering support for 45 currencies. A spokesman for the exchange told news.Bitcoin.com Thursday:

Currently, in the 45 countries we have launched [in], we are witnessing an immense enthusiasm and activity of buyers in Venezuela … Venezuelan users were about to make purchases.

"We have collaborated with [a] few good local sellers, "said the spokesman, confirming that his exchange plans will add" another 45 countries by April 2019. "In addition to Venezuela," We see the demand from Panama, Thailand, Nigeria, Romania, Cameroon , Argentina, Colombia, Mexico and Ukraine ", detailed.

<img class = "alignright wp-image-269833″ title=”The Indian exchange of cryptocurrencies in 45 countries sees strong demand in Venezuela” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/coins-290×300.jpg” alt=”The Indian exchange of cryptocurrencies in 45 countries sees strong demand in Venezuela "width =" 300 "height =" 311 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/coins- 290×300.jpg 290w, https://news.bitcoin.com/wp-content/uploads/2019/01/coins-405×420.jpg 405w, https://news.bitcoin.com/wp-content/uploads/2019/ 01 / coins .jpg 500w "sizes =" (maximum width: 300px) 100vw, 300px”/>The 45 countries that Instashift lives on are Argentina, Australia, Brazil, Cameroon, Canada, Central African Republic, Chile, China, Colombia, Dominican Republic, Egypt, Ghana, Hong Kong, India, Indonesia, Japan, Kazakhstan, Kenya, Kuwait, Malaysia , Mexico, Morocco, New Zealand, Nigeria, Panama, Peru, Republic of the Congo, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Sri Lanka, Sweden, Switzerland, Tanzania, Thailand, United Arab Emirates, Uganda , Ukraine, United Kingdom, United States, Venezuela and Vietnam.

Quoting similarity to Localbitcoin, the spokesman says, "How we are [a] pure peer-to-peer exchange with an instant coin conversion function, at the moment there is no specific license for this ".

Strong demand in Venezuela

<img class = "size-medium wp-image-269835 alignright” title=”The Indian exchange of cryptocurrencies in 45 countries sees strong demand in Venezuela” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/venezuela-flag-300×214.jpg” alt=”The Indian exchange of cryptocurrencies in 45 countries sees strong demand in Venezuela "width =" 300 "height =" 214 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/venezuela- flag-300×214 .jpg 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/venezuela-flag-768×547.jpg 768w, https://news.bitcoin.com/wp-content/ uploads / 2019 /01/venezuela-flag-100×70.jpg 100w, https://news.bitcoin.com/wp-content/uploads/2019/01/venezuela-flag-696×495.jpg 696w, https: // news. bitcoin.com /wp-content/uploads/2019/01/venezuela-flag-590×420.jpg 590w, https://news.bitcoin.com/wp-content/uploads/2019/01/venezuela-flag.jpg 954w " sizes = "(maximum width: 300px) 100vw, 300px”/>The spokesman shared with news.Bitcoin.com that, compared to other countries, "the Venezuelans look more to the long-term yield of bitcoin". He elaborated, "The Venezuelans, in general, think that cryptocurrency is a safe haven to maintain their value reserve rather than keeping it in its currency, where inflation is reaching its maximum." He also described that " awareness among the crypto-communities "in many of the 45 countries" is rather low "compared to Venezuela.

Venezuelans can buy and sell over 120 coins on the Instashift platform. In addition to buying cryptocurrencies with the sovereign bolivar, the spokesman stressed that "it is interesting to note that they also use USD", elaborating:

They are only buying BTC at the moment … [we] I have not found any users looking for altcoin yet … [our] the volume in Venezuela grew by 5-7% every day.

"We have over 500 users driving this volume," he added, noting that Instashift uses the liquidity of the major stock exchanges like Binance to execute its "flip" orders. Flip is the almost instantaneous currency conversion service of the exchange. "You can launch yourself in under two seconds," he says.

On Localbitcoins, the volume of BTC trade for Venezuela also grew significantly.

What do you think of the BTC application in Venezuela? Let us know in the comments section below.

Images courtesy of Shutterstock, Instashift and Coin.dance.

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The Indian exchange of cryptocurrencies in 45 countries sees strong demand in Venezuela

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Strong demand in Venezuela

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