Jesús Castillo, founder and CEO of Venezuelan fintech company Contigo, said on Monday that 1,000 major companies in the Caribbean country are already using its wallets to operate, manage and access liquidity in stablecoins such as USD Coin (USDC) and USD Tether (USDT).
Some companies that have already integrated these services include Daka, Soy Techno, El Tunal, and Purolomo. These organizations, especially those specializing in the import and food sectors, They use this platform to make international payments and secure the logistics of their goods..
The numbers were revealed by Castillo during a presentation to Kontigo Business at a private event in Caracas, Venezuela, on December 15th. Managers who participated virtually emphasized that this is a platform designed for Venezuela’s corporate sector to manage its operations using digital assets.
According to him, the purpose is Provides a faster and more efficient structure than traditional banking. This allows instant exchange between bolivars and digital assets.
According to Kontigo’s directors, the application currently has a reported user base of over 1 million people. Moreover, it is already processed Trading volume is $1 billionAccording to the company’s internal estimates.
Experts such as José Gregorio Rodríguez, president of the National Council of Commerce and Services (Consecomercio), have observed that the usage rate of virtual currency platforms in the commerce and services sector is over 30%.
According to members, digital assets act as an “escape valve” to the limitations of traditional financial intermediation for supplier payments.
Focus on Venezuelan companies
The decision to prioritize business segments is a response to the following facts: The corporate sector accounts for 70% of digital asset transactions In Venezuela, according to Contigo’s own directors.
Camilo Sánchez, the platform’s founder and chief operating officer (COO), told the publication that there was a “very interesting market” for companies that had not been formally addressed.
However, the administrators did not take into account that there is another local company called Crixto, which is offering to introduce USDT to Venezuelan companies through direct integration with Binance Pay, Binance’s payment gateway.
However, Sanchez emphasized that fintechs offer a variety of solutions to businesses to strengthen this infrastructure. Among them are instant liquidity, collection of invoices from suppliers without fees, and payroll products where companies contribute bolivars and employees receive USDC or USDT in their wallets.
Preference for digital assets pegged to the dollar It is evident in local market indicators. Eleazar Colmenares, CEO of Cryptobuyer Venezuela, recently stated that 47% of retail transactions in the Caribbean country are done in stablecoins.
In fact, Sanchez highlights that Kontigo currently has the following deals in place: Over $200 million per month. And it plans to increase that number to $500 million by next year.
