Crypto Retail Adoption Puts Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Dash in the Spotlight
Traki, one of the largest retail chains in Venezuela, has adopted Cryptobuyer Pay as a default payment solution in all of its stores. The point-of-sale payment system supports Bitcoin, Dash and Litecoin.
Traki operates 49 stores in major cities across the country, selling everyday items, from clothing to food and kitchen appliances. Traki first began accepting crypto payments last October, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Dash.
Venezuela has been hard hit by hyperinflation, political strife, social unrest, violent conflicts, nationwide power outages, protests, and a mass exodus of millions to neighboring Colombia and Brazil, as embattled President Nicolás Maduro faces US-backed opposition leader Juan Guaidó for control of the country.
Ernesto Contreras, Dash’s business development manager LatAm, says,
“We find partners who want to BUIDL with us. The recent blackout proved that crypto is a potential solution, as long as people have a charged phone and signal, transactions can be completed. So despite the difficulties, Dash is seen as an opportunity to solve some of the problems.”
The country is the focus of a crypto fundraising drive spearheaded by Steve Hanke, professor of applied economics at Johns Hopkins University and former economics advisor to both US President Reagan and Venezuelan President Rafael Caldera. AirdropVenezuela has currently raised over $285,000 through donations in several cryptocurrencies including Bitcoin and Bitcoin Cash.
Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Dash are also powering crypto payments by early crypto adopter CheapAir, which became the first US online travel agency to accept Bitcoin in November 2013. Over the past five years, the company has processed more than $5 million in BTC payments. CEO Jeff Klee says that in addition to Bitcoin, CheapAir is planning to add Ethereum to its list of supported cryptocurrencies.
“CheapAir is about to start taking Ethereum which is new, in addition to Dash, Bitcoin Cash, and Litecoin.”
“Klee attributes their current success with crypto payments to a devoted crypto community. During the interview, Klee mentioned that he likes ‘customers who pay in crypto because they are loyal.’
As customer loyalty is hard to come by in the travel industry, Klee appreciated that the crypto community is not only loyal but also inclined to ‘buy higher ticket items.'”