Xapo enables bitcoin purchases in Venezuela

Investing | September 14, 2016 By:

Xapo announced it has enabled bitcoin purchases in Venezuela through its website.

For now, the minimum amount of bitcoin to be purchased stands at the $50 mark. Taking into account that the minimum wage in Venezuela is hovering the $50 per month mark one can realize that not everyone will be able to use Xapo’s services. However, users will enjoy the security and easy of mind that comes when dealing directly with a multi-million dollar Bitcoin startup can offer.

The Bolivar, the national currency of the crisis-ridden Venezuela, has dropped against the USD by nearly 40% in a year. According to the International Monetary Fund (IMF), Venezuela is projected to remain in a deep recession in 2016, amid political uncertainty and as the renewed decline in the price of oil has deepened existing macroeconomic imbalances and pressures, including an average inflation rate projected to rise to close to 500 percent in 2016.

Xapo is a Switzerland-based company that provides a bitcoin wallet combined with a cold storage vault and a bitcoin-based debit card.