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Indian Crypto Exchange Instashift Sees Strong Demand in Venezuela

Indian cryptocurrency exchange Instashift reports that it is seeing immense enthusiasm and buyer activity in Venezuela. Venezuelans are looking more at the longer-term yield of bitcoin, compared to other countries.

Live in 45 Countries

Indian cryptocurrency exchange Instashift is now live in 45 countries. After launching in India and Canada, the exchange began to roll out service in a slew of countries in November, offering support for 45 fiat currencies. A spokesperson for the exchange said: Presently, in the 45 countries we have launched, we are seeing immense enthusiasm and buyer activity in Venezuela … Venezuelan users were on a buying spree.

The spokesperson said: We partnered with a few good local sellers. Exchange plans to add another 45 countries by April 2019. Other than Venezuela, We see demand from Panama, Thailand, Nigeria, Romania, Cameroon, Argentina, Colombia, Mexico, and Ukraine. The 45 countries that Instashift is live in are Argentina, Australia, Brazil, Cameroon, Canada, Central African Republic, Chile, China, Colombia, Dominican Republic, Egypt, Ghana, Hong Kong, India, Indonesia, Japan, Kazakhstan, Kenya, Kuwait, Malaysia, Mexico, Morocco, New Zealand, Nigeria, Panama, Peru, Republic of Congo, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Sri Lanka, Sweden, Switzerland, Tanzania, Thailand, UAE, Uganda, Ukraine, the U.K., the U.S., Venezuela, and Vietnam.

Strong Demand in Venezuela

The spokesperson said: Compared to other countries, Venezuelans are looking more at the longer-term yield of bitcoin. Venezuelans are of the thought that cryptocurrency is a safe haven to keep their store of value rather than keeping it in their own currency where inflation is peaking at the top. Awareness amongst the crypto-communities in many of the 45 countries is quite low compared to Venezuela.

Venezuelans can buy and sell over 120 coins on the Instashift platform. In addition to purchasing cryptocurrencies with the sovereign bolivar, the spokesperson pointed out that it’s interesting to note they are using USD as well. They are buying only BTC at the moment, we have not yet found any user seeking altcoins, our volume in Venezuela has been roughly growing 5-7% daily. We have more than 500 users there driving this volume. Instashift uses the liquidity from major exchanges such as Binance to execute its flip orders. Flip is the exchange’s near-instant coin conversion service. On Localbitcoins, the BTC trading volume for Venezuela has also been growing significantly.

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