CryptoMKT, a cryptocurrency exchange based out of Chile has lately announced a new integration which will allow more than 5,000 merchants to accept cryptocurrency payments.
Using cryptocurrencies to make payments for services or products we buy has always been a problem and many businesses are finding out solutions to solve this problem. Few days back, Coinbase introduced a WooCommerce plugin to allow online stores to accept cryptocurrency payments. This time it’s the Chile-based CryptoMKT which has taken the initiative.
CryptoMKT has partnered with the online payment platform, Flow.cl to integrate the cryptocurrency payment processor into their platform. This would allow customers to select crypto payments as an option while making a purchase online. This new system might look small, but it surely is going to transform the cryptocurrency market in Chile.
CryptoMKT and Flow.cl have created a joint venture, called CryptoCompra. This new venture isn’t just going to be providing infrastructure for cryptocurrency payments, but it’ll also change the association between cryptocurrency and retail in different parts of South America, starting from Chile.
Although, the exchange has started by enabling cryptocurrency payments in Chile, but one of it’s important objective is to grow the cryptocurrency payments system in Argentina, Brazil, and Europe. As tested by one of our testers, the platform currently only allows Bitcoin and Ethereum payments, but with the growth it could also integrate other cryptocurrencies like Ripple, Cardano, TRON, and DASH to the platform.
Among the substantial elements that can cause the achievement of the project is to boost the access to the retail marketplace’s willingness to accept cryptocurrency payments in Chile. Therefore, the platform or people won’t be impacted by the marketplace fluctuations which continuously destroy this part of the business.
In a media release, Crypto MKT emphasized a number of the critical points of this new stage, said as
There is a guarantee fund that allows payments not to be affected by large increases or decreases in the price of Bitcoin, Ethereum, and Stellar. This gives tranquility and security to the client since it will not have surprises in its payments.
Additionally, it stated that accepting cryptocurrencies lets companies to take payments from all around the world and gives them a opportunity to become recognized as”vanguard firm” which can get secure and fast obligations.
CryptoMKT is excited about the new venture and plans to enhance the accessibility of crypto obligations in Chile. By achieving its objectives, CryptoMKT could become the top cryptocurrency payment gateway company.
Cryptocurrencies and Chile share a very different history altogether. Previously, the Chilean banks shut down the bank accounts of popular Chilean exchanges such as Buda, CryptoMKT, and OrionX. This led the exchanges to challenge the decision.
After several appeals from the exchanges, Chile’s anti-monopoly court has ordered two big banks, Banco Estado, and Itau Corpbanca to re-open the bank accounts of Buda and other cryptocurrency exchanges. Prior to the bank account ban, The cryptocurrency exchange Buda, reportedly had a daily trading volume of more than $1 million.
BlockPitch team is getting in touch with CryptoMKT to know whether the court re-opened their previous bank account or not. Apparently signing 5,000 merchants will surely increase cryptocurrency payments in Chile and would soon grow in the entire South America.
