Major Venezuelan Department Store Chain Accepts Cryptocurrency

The people of Venezuela have been forced to cope with an increasingly difficult economic situation in recent years. This has led to a loss of trust in government-issued fiat by the population in a way that many believe exemplifies the need for cryptocurrency. This may account for why a major Venezuelan department store chain accepts cryptocurrency, something which is a rarity to see in more prospering economies.

Also Read: Coinbase Ventures Backs Home Crypto Mining Startup Coinmine

Traki Accepts Cryptocurrency Payments

Traki is a large chain of department stores operating in Venezuela for over 30 years. It encompasses 49 branches in many major cities across the country, selling everything from fashion to food and cookware.

According to its public profiles on social media, the company has opened up to transactions with digital assets since at least October. Traki accepts payments in a number of popular cryptocurrencies including bitcoin cash (BCH), bitcoin core (BTC), dash (DASH), ethereum (ETH) and litecoin (LTC).

Show of Support by Crypto Community

Major Venezuelan Department Store Chain Accepts CryptocurrencyDue largely to government policies, exacerbated by a fall in revenue from oil exports, the economy in Venezuela has been in a sharp decline for years. Inflation in the country is expected to reach over one million percent by the end of 2018, and consumer prices are projected to rise by another ten million percent in 2019 according to recent data from the International Monetary Fund.

The situation in Venezuela has pushed many in the crypto community to try and promote digital assets as a solution to the problem unabated fiat printing has caused. A number of charities have also formed, such as the Eatbch initiative which we recently reported on.

On Friday, we received another example of cryptocurrency being used for good in Venezuela as a Reddit user spoke of buying over 800 items at Traki with donated BTC. She showed a video of herself buying clothing and school supplies with the funds that will be gifted to kids in need.

Is the economic situation in Venezuela likely to convince more people in the country to turn to cryptocurrency? Share your thoughts in the comments section below.

Coinbase WooCommerce Plugin Makes Crypto Available to Millions of Online Merchants

Coinbase’s latest announcement heralds a WooCommerce plugin that makes it quick and easy to accept Bitcoin and Litecoin as payment methods on any WooCommerce-powered site.

WordPress-powered WooCommerce is one of the most popular e-commerce platforms on the web, and Coinbase claims that it is integrated with over 28 percent of all online stores. Now, each of these stores has a point-of-sale plugin to begin accepting cryptocurrency payments from customers the world over. The WooCommerce plugin can be found on the Coinbase GitHub account.

The plugin allows its users to transfer bitcoin and litecoin directly from Coinbase Commerce with an easy-to-use payment button. The plugin’s library is currently available in less than 10 lines of code for React and Python, and Coinbase says that client libraries for Node.js, Ruby and PHP are currently being built. While the plugin currently supports just Bitcoin and Litecoin, the company is working on support for Ether and Bitcoin Cash, as well.

Coinbase sees the plugin as its next step to facilitate more widespread adoption of cryptocurrency and creating a more inclusive, open financial system.

“Note that all payments made through Coinbase Commerce are truly peer-to-peer,” the announcement blog post reads. “When customers send money from their cryptocurrency wallet it’s sent directly to a merchant-controlled cryptocurrency address and processed on-chain by the respective blockchain. This means merchants never have to pay transaction fees to accept payments and always remain in complete control over their funds.”

The Coinbase announcement concludes by noting, “We’re just getting started on our quest to make cryptocurrencies an easy payment option and are continually improving Coinbase Commerce based on your awesome feedback. If you have an idea for a feature or product enhancement, tell us on Twitter at @CommerceCB.”