Remittances are a boost for Latin American economies, just look at the Figures from the Inter-American Development Bank (BID) to note that in the last year remittance flows have grown by 12.8 percentage points, a number that exceeds the economic growth of the countries in the region. In fact, in South America alone, 24.296 million dollars were received during 2021 for this concept, which means that millions of families enjoyed a significant improvement in their incomes and their quality of life thanks to the money sent by their relatives abroad.
From El Dorado we know that remittances come from the efforts of migrants who want to improve the lives of their loved ones, so each contribution makes a significant difference, which is why we continue to grow to make it easier every day to send money to Latin America from anywhere in the world.
Although we had previously told you how to use our services for sending remittances, in this article we will tell you about a new alliance, which becomes a new alternative to facilitate the sending of money to one of the countries most benefited by receiving remittances: Venezuela. So if you are a Venezuelan resident in Venezuela or abroad, this article is for you!
We make it easy to send remittances with Coco
Have you heard of Coco Mercado? If not, here we tell you about them. This platform, founded by Venezuelans living in San Francisco, California, allows Venezuelans abroad to buy products from supermarkets, pharmacies and independent retailers in any of the 24 states of Venezuela, with the objective that their families receive the products directly at their home through a “Coco Deliverer”.
Through its app and website, Venezuelans in more than 106 countries can send remittances to your loved ones in the form of items, which allows them to save money on commissions, better manage their income and ensure that family members who remain in Venezuela enjoy a decent quality of life, with access to food, medicine and other products.
Faced with the success of the initiative, its founders decided to launch recently Coco Pago, a digital wallet that allows anyone with a mobile phone instantly send and receive money locally and internationally, for which they make Celo dollars (cUSD) available to users. And that's where our alliance comes into play!
How does it work?
Coco users should only recharge with their international debit or credit card, which credits Celo with dollars in the wallet. Of course, if you want to buy this stablecoin using your local payment methods, you have the option of making the purchase directly from the El Dorado wallet.
After making the deposit through Coco, the credited funds they can be exchanged for bolivars or dollars in cash, or sent directly to the family member's wallet in Venezuela so that he can make the change. In either scenario, the procedure is as follows:
- Once you have topped up your wallet with a debit or credit card, you proceed to select the “Withdraw” option.
- Then, the amount to be withdrawn is entered and it is specified if you want to exchange the cUSD for dollars in cash or for bolivars. In the case of withdrawing funds in bolivars by transfer, you can make as little as $20, while to withdraw dollars in cash it is necessary to choose multiple amounts of $100.
- If the bolivar option is selected, the beneficiary's account details are specified. In this step you can directly enter your family member's account in Venezuela!
- When entering the data, the order is automatically sent to the El Dorado P2P, where a market maker will take it and transfer the corresponding amount.
Despite being a project with little time in the market, hundreds of transactions are usually made monthly to exchange crypto dollars for bolivars, this alliance brings dynamism to the marketplace, while offering market makers a wider variety of offers, this translates into better rates and greater opportunities to earn income. Which brings us to the next advantage...
Make money as a market maker
Although the objective of Coco Pago is to help Venezuelans abroad to send remittances to their families quickly and easily, through this alliance Can you get extra income while helping other Venezuelans. Do you want to know how? We'll explain it to you below.
If you've already used El Dorado, you've probably noticed that one of the advantages of P2P is that When creating an order you decide the rate at which to buy or sell cUSD or any other cryptocurrency, while in Coco the price of cUSD is generated automatically and is generally at a lower rate than the general market, which becomes an opportunity for market makers to access to dollars at a lower price.
When an El Dorado user buys crypto dollars from Coco Pago orders, these are credited to their El Dorado wallet, allowing them to save or earn and use them for arbitration. For this alone it is necessary to create a sell order in P2P and set a higher rate than the one paid to the Coco Pago user.
For example, if a user buys cUSD 100 from an order taken by Coco Pago at a rate of Bs 4.5 and then sells the cUSD 100 at a rate of Bs 4.7 per dollar, he would be receiving a profit of approximately 4%, with just one trade Imagine repeating the process several times a month, and even a day!
Would you like to explore the opportunity? In a previous article, we addressed the advantages of becoming a market maker, so we recommend you read it if you want to know more about how to make money with El Dorado.
