Eleazar Colmenares, CEO of Cryptobuyer Venezuela

Key facts:
  • Cryptobuyer Venezuela prepares new products, in addition to ATMs and payment gateways.

  • Cryptobuyer’s license for the country does not include interference with the XPT token.

Little more than 4 months have passed since the death of Jorge Farías, founder and CEO of one of the most recognized companies in Venezuela when we talk about payments with bitcoin (BTC) and other cryptocurrencies: Cryptobuyer.

Now, Cryptobuyer’s headquarters, located in Panama, decided to move aside in Venezuelan territory. But a new company has taken the lead, with the purchase of the license for the use and expansion of its products in the country: Thus was born, just a few weeks ago, Cryptobuyer Venezuela.

The company that acquired the license is called Digital Factoring Corp, an undertaking of a group of investors in Venezuela that, since the beginning of 2020, undertook the task of registering with the Superintendence of Criptoactivos (Sunacrip) and obtaining a license to operate with cryptocurrencies in the country.

CriptoNoticias spoke with Eleazar Colmenares, CEO of Cryptobuyer Venezuela, who told us about the news about the brand’s license, its current status and the future of its services with cryptocurrencies in the South American country.

Cryptobuyer Venezuela will continue with the company’s products and services in the South American country. Source: Courtesy.

Who is Eleazar Colmenares?

Colmenares, as he told us, comes from a traditional financial world. Trained as an administrator at the Metropolitan University (Caracas), his time through investments was marked by studies in money laundering or the operational management of brokerage houses, through his work as a securities broker.

But then the planet began to change at a dizzying rate. And finance was no exception, as we know, with increasing digitization and the emergence of truly innovative tools, such as Bitcoin and cryptocurrencies. “The issue of virtual money in transactions took me, it opened a much wider field of vision for me,” he says.

The times, the needs of the people, the economies of the countries change. And within that change one cannot be distant. Whoever does not evolve along with the system is simply going to be left behind.

Eleazar Colmenares, CEO of Cryptobuyer Venezuela.

Before his own arrival in this industry, he was already told about bitcoin by friends who knew the cryptocurrency since its inception. They were miners. But, he confesses, he “was very suspicious of all this.” It is logical, as he points out, “when you come from a system that is very gridded like the stock market.”

When he finally came to buy bitcoin, the cryptocurrency was on the rise. “The market kind of said ‘Eleazar bought, now we’re going down,'” he says with a laugh. But then he realized that there was something more important, beyond the price. Investment vehicle, a way to preserve capital (with stablecoins) or a portable payment method, cryptocurrencies they are “money accessible to everyone.” So, he embarked on the journey of “the democratization of cryptocurrencies for the benefit of the quality of life of the ordinary citizen.”

What is Cryptobuyer Venezuela?

The first thing that should be clarified is that Cryptobuyer Venezuela was born with the acquisition of the license of the brand based in Panama, from the Venezuelan company Digital Factoring Corp., chaired by Colmenares himself. That is The new company is not an extension of the one that Farías founded a few years ago, It only has the power to use its brand, its products and services in Venezuelan territory.

Our communication covered to the point that they made the decision to desist from maintaining the brand and services such as Cryptobuyer in Venezuela.

Eleazar Colmenares, CEO of Cryptobuyer Venezuela.

The Cryptobuyer Venezuela license allows the use of the resources created by Cryptobuyer to operate bitcoin and other cryptocurrencies. Namely: points of sale with Cryptobuyer Pay, ATMs and the cryptocurrency gateway to fiat money, Through which users can buy and sell cryptocurrencies using bolivars, the local Venezuelan currency.

For Colmenares, in Venezuela cryptocurrencies “have had a significant role as a payment vehicle through which merchants and consumers benefit.”

The country stands out among the adoption rates of bitcoin and cryptocurrencies in the world, according to Chainalysis. Although it fell from last year, the research firm’s 2021 update places it seventh in the world today, as CriptoNoticias reported.

Bitcoin and cryptocurrencies in general are value available to anyone who wants to move their capital to any country, from anywhere in the world. Undoubtedly, all this also favors financial inclusion in Venezuela and, although there is much to build, it helps to improve people’s quality of life, as a store of value, as a payment mechanism and even for remittances.

Eleazar Colmenares.

Venezuela is the seventh country in the world with the highest adoption of bitcoin and cryptocurrencies. Source: Chainalysis.

What many are wondering: what will happen to Cryptobuyer’s XPT token?

Under Farías’ management, Cryptobuyer launched a token intended to be the backbone of the company’s services ecosystem. That cryptoasset, XPT, appears to be aimless. At least that is the feeling of hundreds of investors, not only in Venezuela but in other nations.

Because, they wonder what will happen now with XPT, from the creation of this company licensed in Venezuela. The answer to this question, which many users repeat ad nauseam in the company’s service channels, is direct and forceful:

Cryptobuyer Venezuela has no interference whatsoever over it. It was issued in the past by the company Cryptobuyer Panama […] Here in Venezuela we cannot take or issue opinions on a token that does not correspond to our administration.

The price of XPT has dropped significantly since November 2020. Source: CoinMarketCap.

What Colmenares does add is that the company he presides over is evaluating options for the future. Among them, it is proposed to offer the Venezuelan community a new token, although It is not a decision made and they will continue to study the possible scenarios.

The company that originated XPT in Panama is the one that has to face its investors, he insists.

Back to Venezuela: the future of Cryptobuyer and cryptocurrencies

Colmenares assures that the purpose of the new company is star in the development of solutions to facilitate the use of bitcoin and cryptocurrencies to “businessmen, entrepreneurs and Venezuelans in general.”

The challenge is to make available to all, the advantages of flexibility, liquidity, security and decentralization that bitcoin, dash and other digital currencies provide for Venezuelans.

Eleazar Colmenares, founder of Cryptobuyer Venezuela.

On its horizon is the need to massify the use of cryptocurrencies in the country. “Since you can pay the ticket for public transport, any personal procedure, even gasoline, as well as public services, among others.”

For this, already Cryptobuyer Venezuela has a large user base and affiliated businesses in the country, as we have previously reviewed. But there is still a lot to do, acknowledges the executive.

Among future plans, the possibility of activating two-way ATMs stands out, which allow not only the purchase of cryptocurrencies (such as the ATMs that are operating right now), but also its sale in exchange for cash. At the moment, they await approval from the regulator to take that step, although they are already incorporating machines that have this possibility.

Cryptobuyer cryptocurrency and bitcoin ATM in Caracas. Source: Telegram.

Additionally, they are preparing a new product, which would emerge in response to the fallen Visa prepaid card project with cryptocurrencies that Cryptobuyer canceled a few months ago. «For Venezuelan cardholders we are working on a product that they will love and be very useful. In due course we will give details, “Colmenares advances in this regard.

The CEO of Cryptobuyer Venezuela told us that plan to launch a total of three new products for cryptocurrency users in the country before the end of this year. Although he did not want to give further details, it appeared that Venezuelans will be able to buy cryptocurrencies with “the bolivars or currencies they have in their bank accounts in the country” through Cryptobuyer Pro, the company’s exchange.

Finally, he said that they will keep the job of incorporate more and more businesses to its platform, that allow the payment of goods and services with bitcoin and cryptocurrencies to Venezuelans.


Tammy Sewell is our Writer and Social at Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Phone: +1 513-209-1700

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