Crypto MKT, a crypto exchange based in Chile, has recently shared that the citizens of the country will now be able to purchase services and products with the cryptocurrency. The exchange announced that more than 5,000 merchants will be able to accept digital currencies as payment, thanks to a consolidation with a crypto payment processor.
Crypto MKT also shared the news of its partnership with Flow.cl, an online payments platform. The new alliance will enable the merchants to incorporate cryptocurrency payment options using a platform known as CryptoCompra.com.
The platform is used in Europe as well as in countries like Brazil, Argentina, and Chile. CryptoCompra allows customers to pay the merchants using cryptocurrencies like Ethereum, Stellar, or Bitcoin. On the other hand, these merchants will get their payments in the fiat currency of Chile called the peso.
Meanwhile, Crypto MKT has a provision for a guarantee fund, which makes sure that significant price fluctuations do not affect the payments that are made in cryptocurrency. The exchange further added that receiving digital currencies will enable the merchants to accept secure and quick payments from any corner of the world.
Crypto MKT’s Initiative A Boost For Cryptocurrency Space
Major cryptocurrency exchanges like Crypto MKT, Buda, and Orionx in Chile had to go through a lot of hassles due to what looked like a complete ban on the country’s crypto space. Even local banks closed their accounts and asked them to attempt to find clear regulations.
As a supposed retaliatory action, the exchanges made an appeal to the court against banks like Banco Estado, a state-owned bank, Bank of Nova Scotia, and Itau Corpbanca. In a major development, the anti-monopoly court of Chile ordered Itau Corpbanca and Banco Estado to reactivate the accounts of an exchange called Buda.
According to a report by CCN, the exchange was enjoying a massive trading volume of more than 1 million US daily prior to the closure of its accounts. Mario Marcel, the president of the central bank of Chile, had shared earlier this year that he was exploring the possibility of deploying cryptocurrency regulations in the country.