Coincoinx, a cryptocurrency exchange, will reportedly launch a service that will allow users to skip trading crypto for fiat to make payments in Venezuela. The service, which is called Coinpago, will allow users to make payments in every store and retailer in the country that accepts Pagomovil, a banking service that allows seamless fiat transfers between banks in the country.
While cryptocurrency is slowly going mainstream, becoming more popular in many locations around the world, there are still many retailers and service providers that are not accepting cryptocurrency as a means of payment. However, services that combine traditional bank-based payments and crypto are growing, and bringing functionality to crypto users. Coincoinx, a cryptocurrency exchange in Venezuela, has announced the launch of a service that will combine crypto and fiat for traditional payments.
The service, called Coinpago, aims to allow customers of the exchange to bypass trading their cryptocurrency to make fiat-based payments, so they can make payments on the go. Coinpago will let users skip the exchange phase and give them the possibility of making use of the Pagomovil service, allowing people to pay wherever this kind of bank-based payment method is accepted.
With this tool we are trying to make life easier for people. For example, if you have a relative in Spain who opens a CoinCoinX account and has funds available in tether or bitcoin, they will be able to make a pago movil instantly.
What do you think about this new service to ease crypto-to-fiat payments in Venezuela? Will it be successful? Tell us in the comments section below.
