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Don't worry, we speak : Español (Spanish), too!

Another currency joins the bunch! Cryptobuyer launches XPT

Don't worry, we speak : Español (Spanish), too!

Contxto – Yesterday (19) was a big day for Venezuelan/Panamanian Cryptobuyer. Yesterday, the digital exchange startup launched its own cryptocurrency: XPT into the world. Specifically the ERC 20 protocol of the Ethereum blockchain.

XPT is now available to complete purchases with Cryptobuyer’s affiliated businesses that accept the startup’s Cryptobuyer Pay service. Moreover, the startup created its digital asset with the Latin American market in mind.

Related article: Burger King teams up with Cryptobuyer to accept cryptocurrencies

Cryptobuyer pushes for XPT adoption

Circulation of the token is crucial, so to expand the use of XPT, Cryptobuyer also announced it will be expanding its network of ATMs throughout Venezuela and Spain.

But to get people even more hyped and buy into the asset, Cryptobuyer will be offering special discounts and loyalty points. 

For its initial phase, XPT will be hosted on four exchanges: Liquid, Bitmart, Coineal, and Hubi with BTC/XPT pairs. 

These key partners have agreed to work with the startup in launching contests so as to encourage traders to deposit funds and obtain XPT. Between the three exchanges, there will be around US$11,000 in prizes.

Related article: 5 Venezuelan startups innovating crypto

Cryptocurrencies, Covid-19, and Venezuela

The imminent extension of Cryptobuyer’s ATMs into Venezuela is quite timely. Not only in terms of encouraging the adoption of its XPT token, but also to favor the general trade of digital assets.

This is considering that the country’s president, Nicolás Maduro, called for a country-wide quarantine last Tuesday (17). And as part of this shutdown, authorities have ordered banking offices to halt operations. All in an effort to limit the spread of the coronavirus.

That means that if people had limited access to their physical money before, it’s even harder now. As a result, it’s not surprising that cryptocurrency trade has increased.

Although, much like the Mexican peso’s tumble after recent oil standoffs and the pandemic, digital assets have had it rough.

Related articles: Tech and startups from Venezuela!

-ML

Mariana López
My topic darlings are startup management, edtech, and all-things pop culture. J Balvin is Latin America's best reggaetonero and I dare you to convince me otherwise.

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