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Cryptocurrency News Articles
Salvadoran Coffee Batch Gets Purchased With Bitcoin, Avoiding Intermediaries
Sep 21, 2024 at 07:10 am
Salvadorans are beginning to appreciate bitcoin's advantages for settling cross-border payments without intermediaries.
U.S.-based coffee company Compass Coffee has acquired a batch of Salvadoran coffee using bitcoin, according to information from the Salvadoran Ministry of Foreign Affairs. This transaction, which took place in less than 10 minutes, showcases the advantages of bitcoin in facilitating cross-border payments without the need for intermediaries.
The Salvadoran counterpart in this transaction, Jorge Cruz, highlighted the benefits of using bitcoin for these types of deals, explaining that he received the payment quickly and that the prices offered by Compass Coffee were two to three times higher than those quoted in U.S. markets.
This transaction marks a significant step in El Salvador's efforts to promote bitcoin as a valuable tool for boosting the national economy and enhancing the well-being of its citizens.
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