The platform has added more than six thousand users in a period of seven months. They currently offer exchanges between bitcoins and bolivars, although they are incorporating Dash to their trading options, and they weigh the possibility of expanding to Spain

From Venezuelans to Venezuelans "is the phrase with which Colibit.io defines itself, exchange that allows the exchange between Bitcoin and bolivars, and that opened its doors in the middle of last year. From the name to the technological development of the platform, everything is "100% national".

Colibit, name that plays with the words Colibrí and Bitcoin, is a Venezuelan exchange technology platform that works as an intermediary between clients to facilitate the purchase and sale of bitcoins using the local currency.

The Venezuelan company, founded in June 2017, was created by three young Venezuelan entrepreneurs: Rafael Useche, Ronald Blanco and Leopoldo Guilliod, who currently direct it. They are in charge of the development and technical functioning of the page, trying to provide a quality exchange service for users.

Useche, co-founder of Colibit, the entrepreneur stressed that, unlike other Venezuelan exchange services, this platform developed its own basic code, therefore it has been a complete national production, as well as its own initiative.

The hummingbird of exchanges

"Colibit is a friendly service, either for an expert customer or for a newbie. It is very easy to use, "commented the CEO and co-founder, Rafael Useche.

The entrepreneur emphasizes that the exchange offers two modalities for two types of users: the simple module, aimed at beginning users, and for those clients who still do not have experience in the matter of cryptocurrencies; and the advanced module, aimed at those "demanding customers who are always looking for the best exchange rates".

Another advantage of the platform is that "anyone can be part of the market": you can start trading in the exchange with just an investment of Bs. 10,000. Additionally, it offers the possibility of entering the system as a natural or legal person, allowing companies to also access and be part of the ecosystem from the platform.

On the other hand, Useche points out that Colibit has developed an emphatic system in the security of the clients, by creating a space in which all the personal data of its users are encrypted. In this regard, the exchange also ensures that it can comply with all international P2P security and quality of service standards, while operating under the hot and cold wallet structure.

Currently, the service operates only with two local banks, Provincial and Mercantil, but they plan to strengthen their relations with national banks and, in this way, expand their commercial options.

Just seven months after its launch to the market, Colibit already has more than 6 thousand registered users, evidencing an exponential growth. For Rafael Useche, CEO of the company, this is an undoubted sign that the interest and use of cryptocurrencies is growing by leaps and bounds among the Venezuelan population:

"Now everyone is in the Bitcoin movement in Venezuela because it is a way to protect capital in a hyperinflationary economy"

Colibit adds Dash to its platform

"Since November of last year we launched a proposal [to Dash Venezuela] that was not approved. Then, in January, we re-launched the proposal, and this time it was approved to include Dash on the Colibit platform, "recalled Useche.

The young entrepreneur explained that the approved project, in addition to the implementation of Dash to the platform, offers a Giveaway for the first five thousand verified users of the page, who will receive an unspecified amount of Dash as a gift.

"Our intention is to help people in Venezuela," says Useche. In joint cooperation with the Dash group, Colibit advocates the usability of cryptocurrencies, allowing users to market with it from the first moment users enter their system. The CEO stressed that both Colibit and Dash agree on the importance of supporting local entrepreneurship.

One of the reasons why they decided to present the project to Dash was the need they found when evaluating the cryptographic market in the country. The co-founder noted that the Dash community in Venezuela is growing, which saw the opportunity to offer users of this cryptocurrency a friendly way to make exchanges between their digital assets and the local currency.

Another reason for the project was the ease of financing. Colibit did not have, before the support of the Dash community, any type of external subsidy to the company. Also the decentralized governance mechanism under which decisions are made in Dash convinced the founders to work with this currency, having it as a more reliable cryptocurrency among the others in the market. When asked about future integration in Colibit, the co-founder said they do not plan to include other currencies: "Our user target is the regular user in Venezuela, from housewives, young people in front of the computer or people who want to send money to their relatives in Venezuela: We want to keep the platform simple ". However, Useche affirms that the experience with the market of cryptocurrencies in Venezuela has allowed them sufficient development and technical maturity to start considering the project of expanding to other latitudes: they weigh the idea of, in the future, being able to expand internationally the service, being Spain one of the first countries in sight. More and more Venezuelan entrepreneurs are opting for cryptocurrencies as an alternative in Venezuela, either to market or to safeguard their assets. For the CEO and founder of Colibit, the experience with the launch and development of the exchange platform has been positive. He commented that there is still a lot of expectation regarding the issue of cryptocurrencies because it is an industry that is still being born in our country, but that in general has been a very receptive environment, and that it is a growing population.