Traki, the largest chain of department stores in Venezuela, has become one of the few stores that accept payments in cryptocurrencies. Traki announced that they have partnered with Pundi X to allow customers to pay with cryptocurrencies like Bitcoin, Binance Coin, Ether, and many others.
Traki is a well-established company with 49 stores across the country. It has also become the first chain store merchant to implement the XPOS. Zac Cheah, Co-founder, and CEO of Pundi X said that the Traki is among the early adopters of the cryptocurrencies in the country. Michael Gomez, Chief of Crypto Assets department of Traki said that by partnering with Pundi X, they aim to make use of cryptocurrencies as easy as fiat.
Many businesses in Venezuela are looking to adopt cryptocurrencies because of the hyperinflation caused by political crisis. Even the government of the country has tried to use the cryptocurrency for international trade. Crypto community has also pointed towards the Venezuelan currency crisis to show how traditional financial system can collapse because of politics. Last year inflation in the country rose by as much as 80,000%.