Indian Cryptocurrency Exchange in 45 Countries Sees Strong Demand in Venezuela

An Indian cryptocurrency exchange, which is now live in 45 countries, reports that it is “seeing immense enthusiasm and buyer activity in Venezuela,” a spokesperson for the exchange told news.Bitcoin.com. Compared to other countries, “Venezuelans are looking more at the longer-term yield of bitcoin.”

Live in 45 Countries

“We partnered with [a] few good local sellers,” the spokesperson said, confirming that his exchange plans to add “another 45 countries by April 2019.” Other than Venezuela, “We see demand from Panama, Thailand, Nigeria, Romania, Cameroon, Argentina, Colombia, Mexico, and Ukraine,” he detailed.

Citing similarity to Localbitcoins, the spokesperson claims, “As we are [a] pure peer-to-peer exchange with an instant coin conversion feature, there is no specific licensing for it at the moment.”

Strong Demand in Venezuela

Venezuelans can buy and sell over 120 coins on the Instashift platform. In addition to purchasing cryptocurrencies with the sovereign bolivar, the spokesperson pointed out that “it’s interesting to note they are using USD as well,” elaborating:

“We have more than 500 users there driving this volume,” he added, noting that Instashift uses the liquidity from major exchanges such as Binance to execute its “flip” orders. Flip is the exchange’s near-instant coin conversion service. “You can flip in under two seconds,” he claims.

On Localbitcoins, the BTC trading volume for Venezuela has also been growing significantly.