Cryptocurrency Payments to be Accepted by More than 5,000 Merchants in Chile

Cryptocurrency Payments to be Accepted by More than 5,000 Merchants in Chile

Chile: The cryptocurrency users in Chile have a news to be happy as Crypto MKT, the cryptocurrency exchange of Chile has announced that more than 5,000 merchants will be accepting cryptocurrency payments in the country.

This means that now Chilean citizens can purchase or take services from more than 5,000 merchants by making payments through digital currency. This payment will be integrated with a crypto payment processor.

As per the announcement, Crypto MKT entered into a partnership with online payments platform This partnership will enable the merchants to add options of cryptocurrency payments through a platform

This new platform will be available not only in Chile but also in Brazil, Argentina and Europe. With the help of this platform, the consumers will be able to make payments to the merchants in bitcoin, stellar or ethereum whereas the merchants will receive the payments in the country’s fiat currency, Pesos.

Related: Crypto Payment Platform Launched by Ripple XRP

The exchange, Crypto MKT, has guaranteed that there are funds which will ensure payments done in digital currency won’t be affected by significant price fluctuations. The announcement made by the exchange reads, “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 tranquillity and security to the client since it will not have surprises in its payments.”

It is further mentioned in the announcement that this will enable the businesses to take payments from across the globe and they will have an opportunity to get recognized as ‘vanguard company’ which enjoy fast and secure payments.

It is a notable development in the country because the major crypto exchanges like Orionx, Buda and Crypto MKT had to suffer as the local banks of the country had closed their accounts which prompted them to look for clear regulations.

The crypto exchanges dragged the banks – Itau Cropbanca, Bank of Nova Scotia and state-owned Banco Estado to name a few – to the appeals court. The anti-monopoly court of the country ordered Banco Estado and Itau Corpbanca to re-open the account of Buda. It was reported that before the accounts of Buda were closed, it was trading over $1 million per day.

Later, Orionx also won its case against Banco Estado whereas it is still not clear that whether Crypto MKT was able to get their accounts re-open or not, the other two cases seemingly point that way.

(Image Source: CCN)