As part of the deal, Avalancha will use BitPagos as its payment processor, providing Bitcoin users in South America with the ability to purchase goods with Bitcoin from major brands that include Nintendo, Samsung, Whirlpool and more. Bitex.la’s role will be to help sell some of the Bitcoins Avalancha receives for USD at the company’s request.
BitPagos raised USD 600,000 earlier in 2014 from investors including Bitcoin hedge fund Pantera Capital, Bitcoin Investment Trust CEO Barry Silbert and Silk Road auction winner Tim Draper. Likewise, Bitex.la launched in May 2014 with a USD 2 million investment to provide Bitcoin exchanges services to Latin American markets.
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