Traki, the largest department store in Venezuela, is accepting cryptocurrencies for merchandise. The store supports Bitcoin, Bitcoin Cash, Dash, Ethereum and Litecoin as acceptable forms of payment.
Mass adoption of cryptocurrencies in countries such as Venezuela, where people are battling hyperinflation, underscores how troubled economies are likely to be the first to shift away from their collapsed fiat currencies in search of a new monetary system.
Catering to millennials, young mothers and fashionistas, Traki bills itself as “the favorite department store of Venezuelans.” Part Ikea, Walmart and Forever 21, the giant retailer sells fashion, footwear, accessories, household items and furniture with locations spanning 10 floors.
The retail chain thrives on a ‘shop-till-you-drop’ atmosphere with slashed prices and mega sales featuring 50% discounts on everything.
To get the word out about crypto, Traki, which operates 50 department stores across the country, issued dozens of tweets throughout October and November.
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