Chilean cryptocurrency exchange Crypto MKT has recently revealed that citizens can now access services and buy products with cryptocurrency from more than 5,000 traders with the help of a new integration with a crypto payment processor.
The announcement stated that a partnership between Crypto MKT and online payments platform Flow.cl enabled the traders to offer cryptocurrency payment alternatives through a platform called CryptoCompra.com.
CryptoCompra’s platform is available in Chile, Argentina, Brazil, and Europe and allows customers to buy products and services using bitcoin, stellar or ethereum while allowing traders receive their payments in pesos, the country’s local currency.
According to Crypto MKT, there is a guarantee fund that sees that payments made in crypto are not impacted by significant price changes. The announcement goes on to add that:
“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 adds that receiving cryptocurrencies enables traders to accept payments from all over the world, and opens doors to exposure and recognition as a “vanguard company” that can enjoy fast secure payments.
This is a groundbreaking development, being that Chile is a country major cryptocurrency exchanges, Orionx, Buda and Crypto MKT, experienced a total ban on the crypto industry, as local banks closed their accounts, leading them to eek clear regulations.
The challenge led exchanges to sue the banks, Itau Corpbanca, Bank of Nova Scotia and state-owned Banco Estado, to an appeal court that agreed to hear them. Chile’s anti0molopoly court ordered two leading banks, Banco Estado and Itau Corpbanca to re-open the accounts of Buda, an exchange that was claimed to have a daily trading volume of more than $1 million prior to its account being closed.