Thousands more businesses in Chile can now accept cryptocurrency

A new partnership means that over 5,000 Chilean businesses can accept cryptocurrencies from around the world…

The residents of Chile are now able to spent cryptocurrency at thousands of different merchants, courtesy of a new partnership that’s just been announced.

The deal in question is between Crypto MKT – a cryptocurrency exchange based in Chile – and Flow.cl, an online payments platform. Between the pair of them, they’ve utilised the platform CryptoCompra.com, to allow merchants and businesses to add cryptocurrency options to their list of accepted payment types.

Thus far, CryptoCompra allows stores and websites to accept Bitcoin, Ethereum and Stellar. It works by generating an automatic QR code, and money is then quickly transferred once payment is made. A smartphone app is required.

The platform is active in Chile – as well as Europe, Brazil and Argentina – and the fresh integration between Crypto MKT and Flow means that more than 5,000 businesses have now been able to add cryptocurrency payment options.

The translation of the official announcement – that went up at the Crypto MKT blog, here  – boasts of ‘lowest market rates’ (0.9%, below that of a credit card transaction), and that “there is a guarantee fund that allows the payment is not affected by large increases or decreases in the price of Bitcoin, Ethereum and Stellar. This gives tranquillity and security to the client”.

The new partnership is effective immediately, and allows businesses to accept cryptocurrency from customers across the world. Speed and convenience are amongst the main claimed features of the service, too.

As the announcement notes, Chile is progressing fast when it comes to cryptocurrency, impressive given that its government hasn’t always been the most welcoming to digital currencies. Moves such as this one, though, are a clear, positive step.