Brazilian Store Goes Crypto

Kajetan Maćkowiak
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Brazilian store, Via Varejo, after the partnership with Airfox, lets its customer pay for the products in cryptocurrency.

Via Varejo

Via Varejo is, as it calls itself, one of the largest electronic retailers in the world. The company has around 1,000 stores and 50,000 employees and reaches almost 60 million customers in Brazil. Soon, almost all these customers will have a possibility to pay for their purchases with cryptocurrencies, because the company has just signed up the partnership with Airfox. Via Varejo is an umbrella brand for Casas Bahia and Pontofrio.

Airfox

Airfox is a company that created mobile access to financial services for unbanked people. The Airfox platform runs on the AirToken platform (AIR), an ERC-20 token built on the Ethereum blockchain. The company has been run since February 2018.

The partnership

As you can read in the press release, the customers of Via Varejo not only will be able to pay for the purchases via Airfox but also will be able to use microloans provided by the retail group. With the Airfox application, clients will have the possibility to make deposits and withdrawals at any Casas Bahia store and other locations like post offices, banks and ATMs. Clients will, likewise, have the ability to pay Casas Bahia CDC charges straightforwardly using the Airfox application, rather than going to to a physical store. CDC are credits in stores used to purchase things with substantial tickets, for example, furniture, hardware and gadgets.

Being introduced to blockchain technology and cryptocurrencies is not only a big step for both companies, but also for the whole society.

“Our partnership with Via Varejo supports our mission to democratize financial services for the Brazilian population currently underserved by financial institutions,” said Victor Santos, co-founder and CEO of Airfox.

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