Ray Youssef noted that the startup is focused on Colombia for its operations in the region. In partnership with CoinLogiq they plan to install more than 100 cryptocurrency ATMs.
Ray Youssef, co-founder, and CEO of Paxful, believes that the Latin American cryptocurrency market attracts renowned companies in the ecosystem, including Paxful. The Estonian exchange platform, with reach in more than 200 countries, sees opportunities in the region for business development and the potential for greater Bitcoin adoption.
In July 2018, the executive said that he was convinced of Venezuela’s immense potential to establish a market, which led them to study the possibility of opening an office in the country. However, the plans still do not materialize and the company now aims its efforts at Colombia, since a complicated political and economic landscape is maintained in Venezuela.
In order to expand in Latin America, Paxful allied with the company CoinLogiq in the installation of ATMs in Colombia, Peru and Venezuela, among other countries. To deepen more about these advances and to publicize their plans in the medium term, Youssef talked about his view on the region.
Youssef said that their idea of opening an office in Venezuela still remains, but says they are still researching. There is a team that seeks to develop its business in Latin America, which is now focused on Colombia, where many Venezuelans fled in search of better opportunities.
Although the situation in Venezuela has worsened, he still sees opportunities to develop business in the country. The barriers to operation have been increasing significantly but he still considers Venezuela a very important growing market.
He was asked about whether the United States sanctions imposed on Venezuela would interfere with any Paxful operation in the country. In this regard, he explained that, as a US-regulated company, they have to comply with the prohibition of serving Venezuelans.
Regarding its expansion in Colombia, Peru, and Venezuela, among other Latin American countries, he indicated that they will install around 100 ATMs jointly with CoinLogiq, which they consider a key player in the region. The partnership of both companies is very aligned with democratizing finances and providing access to anyone.
The executive explained that CoinLogiq is the only one of its partners that has focused on cryptocurrency ATMs. He noted that in Latin America they are also partnered with AirTM, which allows buying Bitcoin in Paxful through AirTM as a payment method.
Youssef stated that one of Paxful’s goals is to make Bitcoin accessible to everyone and the installation of ATMs is one of the most convenient ways to do so. He also said that they will be expanding to other Latin American countries, of which they will announce details in the coming months.
The co-founder of Paxful notes that purchase through a cryptocurrency ATM is bidirectional. People can go to the device, undergo a basic KYC process, specify the amount to be bought, insert the money, scan their wallet and immediately obtain the cryptocurrencies and vice versa.
In order to buy using the Paxful Kiosk, it is required to enter the e-mail address to automatically create an account. After this, users can select between buying or selling with any of the payment methods offered and obtaining the funds directly deposited in the Paxful wallet.
Latin America is one of the main markets to which this startup wants to expand in the coming quarters. Its main focus is now growing in more established cryptocurrency markets, such as Colombia, Mexico, Argentina, Venezuela, and Brazil, through local partnerships and brand promotion.
By Willmen Blanco