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New Cryptocurrency Exchange to help refugees on the Colombian-Venezuelan border

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A new cryptocurrency exchange service that aims to help refugees traveling across the Simon Bolivar International Bridge is now available in the border between Colombia and Venezuela.

Panda Group, a Colombian-Venezuelan joint venture started the payment alternative with refugees in mind and announced the implementation of the venture on Twitter. Visitors will be able to use the point-of-sale service to buy goods in Santander, Colombia, just across the border from Venezuela.

Coinatmradar.com, published that the service would allow users to exchange and convert cryptocurrencies like Bitcoin [BTC], Bitcoin Cash [BCH] and dai [DAI], to Colombian Pesos [COP].

Customers can buy Bitcoin with prices based on Localbitcoins rate in pesos at a small phone service provider in a mall called La Parada.

The service will charge 10 percent above the market price and those who sell their bitcoins will do so for 5 percent more than the established market value.

The Panda group has already installed five other cryptocurrency exchanges in Colombia, most of them in the Colombian capital, Bogotá.

 Arley Lozano Jaramillo, CEO of the Panda group explained that the services they provide are concentrated on helping Venezuelan users and they announced the addition of a new service called Xpay.Cash. 

Jaramillo said,

“This service is for all our brothers to pay directly in Cucuta with their cryptoassets and mitigate the loss of exchanging from BTC to COP, which represents a loss of at least 20%,”

Over 20 businesses are accepting bitcoin as payment in Colombia and the establishments are mainly focused in tourism, food and digital services.

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Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.

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