BCH Payment Processor Bitek Allows Colombian Merchants to Convert to Pesos
Originally published on: Bitcoin News
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May 25, 2018
Two Bitcoin Cash (BCH) proponents, Javier Barrera and Andrés Rivera, believe the evolution of cryptocurrency will be bolstered by the BCH network so they recently developed a payment processor called Bitek.co. The company offers merchant processing with payable invoices, and accounting services as the Bitek platform provides merchants with the ability to accept BCH and convert all or a percentage of the funds into Colombian pesos.
Bitek: Promoting the Use of Bitcoin Cash in Columbian Markets
There’s a new payment processor for the Bitcoin Cash (BCH) network called Bitek.co — a system that allows merchants from Colombia to accept BCH and convert to pesos immediately if they choose. The business model is similar to the Bitpay service as Bitek offers BCH-based merchant processing, invoices, and accounting services its customers. Bitek also offers a community section on their website for merchants who want to announce they accept BCH. In order to use Bitek merchant who are interested need to register and fill out the necessary information for a payment gateway and receiving deposits in BCH and Colombian pesos.
Bitek’s founder Javier Barrera recently spoke at the Satoshi’s Vision Conference in Tokyo, and detailed how his team is integrating BCH into Colombia’s retail market. Moreover, earlier this week Javier Barrera and Andrés Rivera explained their passion for Bitcoin Cash in an interview with the Latin American publication Diariobitcoin. The founders explain they believe BCH is a better Bitcoin and “it is the asset that best fits with the definition and the philosophical line proposed by Satoshi Nakamoto.” Bitek plans to educate residents in Colombia with meetups and educational programs throughout the region as the firm tells Diariobitcoin:
The objective is to promote the use of Bitcoin Cash in the national market.
BCH Meetups and Bitek’s Plan to Launch a Marketplace
Barrera explains that Bitek has three benefits for merchants looking for a BCH payment gateway such as accounting, liquidity with a remuneration in Colombian pesos, and protection from cryptocurrency volatility as BCH deposits can get the equivalent in pesos the same day. The exchange rate is based on estimates stemming from local exchanges and trading platforms like Bittrex. Just like other cryptocurrency payment processors, merchants have the ability to convert 100 percent of their funds into pesos or a fraction.
Bitek plans to launch a marketplace as well that facilitates trades between buyers and sellers and payments made with Bitcoin Cash. Further Bitek has detailed it has been in talks with BCH-based firms such as Centbee and Nchain concerning future collaborations. The startup has also organized BCH meetups on a weekly basis at popular venues like the Revellion Cultu-Bar. Bitcoin Cash supporters seem pleased with another addition to the slew of companies offering BCH infrastructure services.
What do you think about the Bitek payment service? Let us know your thoughts on this subject in the comments below.
Images via Shutterstock, and Bitek.co
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