A Chilean crypto exchange has announced that cryptocurrency payments in Chile have been boosted by the integration of a new payment process that opens up the market to over 5,000 merchants.
Buying products online with crypto has always been an issue that the industry is continually trying to improve, and with this new development from the Chilean crypto exchange, Crypto MKT, cryptocurrency payments in Chile are now available to more people, offering more choice than ever before.
Merchants now accepting cryptocurrency payments in Chile
Crypto MKT has just announced a partnership with the online payment platform, Flow.cl to allow merchants to integrate their businesses with a crypto payment processor that is changing the face of the Chilean crypto industry with this specially designed platform.
The partnership has designed a payment platform called CryptoCompra, that could change the face of the relationship between crypto and retail in many parts of South America. The boost in the availability of cryptocurrency payments in Chile, as well as across Argentina, Brazil and even Europe is the goal of Crypto MKT. The platform will allow customers to pay companies using cryptocurrencies such as bitcoin, ether and even stellar, while at the same time letting the companies receive the payments in their local fiat currency.
One of the key components that could lead to the success of this project to improve the accessibility of the retail market to accept cryptocurrency payments in Chile is the platform will not be affected by significant market fluctuations that continually blight this part of the industry.
A press release was issued from Crypto MKT that outlined some points regarding the new platform, translated into English “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.”
The development of South American crypto markets
As Crypto MKT are upbeat about their new partnership and plans to improve the access of cryptocurrency payments in Chile, this gives them the opportunity to become recognized as a major player in the crypto payment gateway business. The development of the South American crypto markets is well and truly underway.
This is a stark contrast to the times when Chile was thinking about a blanket ban on the crypto industry. Chilean banks were once responsible for shutting down the accounts of major exchanges such as Buda, Crypto MKT and Orionx. This move saw exchanges challenge the decision and take on the banks in a myriad of appeals where state-owned banks were ordered by the Chilean anti-monopoly court to reopen the accounts of Buda, who at the time were enjoying the trading volume of over USD 1 million on a daily basis.
Although it is unclear whether the courts forced the reopening of the accounts of Crypto MKT, what is clear is that with this new option for facilitating cryptocurrency payments in Chile across 5,000 merchants, retail and cryptocurrency are coming closer together in South America.