Chile to enjoy Ethereum (ETH), Bitcoin (BTC), Stellar (XLM) transactions at over 5,000 stores as Cryptomkt partnered Flow 19930
News
Madhurima Roy
Jul 31, 2018 at 4:30 PM

Cryptomkt, a cryptocurrency exchange has joined hands with Flow, a payment platform in Chile. The collaboration has been formed so customers can transact in three cryptocurrencies at over 5,000 stores.

How is Chile boosting Bitcoin, Ethereum, Stellar?

This is a big leap in Chile’s crypto market as it has started moving towards positivity since April, when two banks reportedly restarted transacting in cryptocurrency. In July, the Court of Appeals further boosted cryptcurrencies and their exchanges stating that the closure of any bank account by Banco Estado that makes crypto transactions is an “arbitrary and illegal action”.

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As Chile entered 2018, the country saw an unprecedented growth in Bitcoin that had spread rumours that the growth of cryptocurrencies could destabilize the financial system of the country. Chile banks had to close all the bank accounts that dealt in cryptocurrencies. Things started looking up for cryptocurrencies in the country when in April, Chile’s Court for the Defense of Free Competition (TDLC – Tribunal de Defensa de la Libre Competencia) ordered two banks Banco del Estado de Chile (Bancoestado) and Itau Corpbanca (Itau) to reopen and resume crypto transactions through the accounts of a local cryptocurrency exchange, Buda.

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How will the partnership with Flow help crypto transactions?

Flow is a Chilean payment platform that has more than 20,000 active customers in several mainstream online-payment platforms. These online payment platforms include some of the topmost ones like WebPay, ServiPag, OnePay and Multicaja. Customers have to pay some commission fee to Flow for the transactions. How will the transactions happen? When one of the three currencies – Bitcoin, Ethereum, Stellar is chosen, the customer will be able to initiate the transaction and complete it with any one of the three currencies. After that the cryptocurrency will be converted to Chilean pesos or euros.

 

Image via Shutterstock

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