Indian-Based Exchange is Experiencing Massive Demands From Venezuelans

Indian-Based Exchange is Experiencing Massive Demands From Venezuelans


Venezuela, a country currently going through one of the most intense hyperinflation ever experience, has in recent times showed a strong affinity for the use of cryptocurrency. This was confirmed in a report from an Indian based cryptocurrency exchange— Instashift.

Instashift exchange is Now Live in 45 Countries

The exchange which is now live in 45 countries made it known that it has recorded an increase in usage from residents of Venezuela. A spokesperson from the exchange stated that the exchange is “seeing immense enthusiasm and buyer activity in Venezuela,” and that “Venezuelans are looking more at the longer-term yield of bitcoin.”

The spokesperson also made it known that it is also experiencing huge demand from “from Panama, Thailand, Nigeria, Romania, Cameroon, Argentina, Colombia, Mexico, and Ukraine.”

Exchange is currently live in these 45 countries: 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, SouthKorea, Sri Lanka, Sweden, Switzerland, Tanzania, Thailand, UAE, Uganda, Ukraine, the U.K., the U.S., Venezuela, and Vietnam),” the exchange has plans to add 45 more countries before the end of Q1 2019.

Venezuela has the Highest Demand

Through its spokesperson, the exchange made some statements indicating that Venezuelans are more interested in the “longer-term yield of bitcoin.”

He explained this further in a statement which reads: “Venezuelans, in general, 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.”

According to the spokesperson Venezuela has the highest “awareness amongst the crypto-communities”.