Crypto MKT, a Cryptocurrency Exchange in Chile has recently declared that crypto payments in the region are now been expanded by the integration of a new payment process. This opens the market for 5,000 merchants.
Crypto enthusiasts have always faced an issue with purchasing products online using crypto and the industry is trying hard to solve the issue. With the new initiative by the Chilean Crypto exchange, Crypto MKT, Crypto Payments in Chile are available for people, hence increasing the payment options for the users.
Merchants started accepting Crypto Payments in Chile
Crypto MKT has just made a collaboration with the online payment platform, Flow.cl to permit merchants to incorporate their businesses with a crypto payment processor. The new platform is speculated to transform the Chilean crypto industry.
Both the firms have developed a platform, known as CryptoCompra, which will transform the relationship between crypto and retail in various parts of South America. Crypto MKT’s main goal is to increase the crypto payments not only in Chile but also in Argentina, Brazil, and Europe. The new platform will accept different cryptocurrencies such as bitcoin, ether and stellar. Moreover, it will also allow the companies to receive payments in their local fiat currency.
One of the significant factors which will lead to the success of this project is to increase the availability of the retail market to accept cryptocurrency payments in Chile. Thus, the platform will not be affected by the market fluctuations which constantly ruins this part of the industry.
In a press release, Crypto MKT highlighted some of the key points of the new platform. It stated, “There is a guarantee fund that allows payments not to be affected by large increases or decreases in the price of Bitcoin, Ethereum, and Stellar. This gives tranquility and security to the client since it will not have surprises in its payments.”
It also said that accepting cryptocurrencies enables businesses to accept payments from all across the globe and gives them a chance to be acknowledged as “vanguard company” which can receive fast and secure payments.
The growth of South American crypto markets
Crypto MKT is quite excited about the new partnership and intends to improve the access of crypto payments in Chile. By this, Crypto MKT might be recognized as the leading firm in crypto payment gateway business. There is a significant growth in the South American crypto payments.
The current situation is completely opposite to when Chile was planning to fully ban the crypto industry. Chilean banks were also responsible for closing down accounts of popular exchanges like Buda, Crypto MKT, and Orionx. This decision forced the exchanges to challenge the decision.
Hence, after numerous appeals by the exchanges, Chile’s anti-monopoly court ordered two major banks, Banco Estado and Itau Corpbanca, to re-open the accounts of Buda, an exchange which was reportedly observing a daily trading volume of over $1 million before its accounts were closed.
It is absolutely uncertain whether the court has forced the re-opening of accounts of Crypto MKT or not. From the new initiative, it is clear that crypto payments being accepted by 5,000 merchants will increase the scope of crypto in South America.