In brief

  • Venezuelan crypto startup Glufco has launched its web app.
  • It's the first step in an ambitious plan to build out an all-in-one crypto platform for residents of Venezuela.
  • Glufco already works with state-sanctioned crypto exchanges in the country.

Venezuelan crypto startup Glufco yesterday announced the launch of its web app—the first step in a bold plan to develop an all-in-one crypto ecosystem for the country.

The new web app, which will primarily be used for crypto transactions and payments with Bitcoin and Glufco’s native stablecoin, is part of a much larger vision to integrate a crypto exchange, digital wallet, and payment processor within a single platform. And once it’s ready, the firm plans to launch a mobile app to go along with it, according to information shared with Decrypt.

"First of all, the launch of the Minimum Viable Product consists of the web app and Android mobile app, which includes the usability of the Glufco (GLF) cryptocurrency," Glufco COO Antonio Di Caprio told Decrypt. "In the short term, all the rest of technologies and services, which are largely already developed, will be incorporated.”

Glufco is not a newcomer to the industry. The team is already well known in Venezuela for having developed the first Venezuelan devices used for crypto payments with physical cards. It also developed a USD-pegged stablecoin that eases commercial operations through exchange platforms approved by the Venezuelan government, such as Criptolago.

Following the launch of the web app, Di Caprio said that the goal is to create a single platform that will work as a crypto wallet provider, payments gateway, offline SMS payment processor, a bulk payment system for companies, as well as a way for Venezuelan residents to pay for utilities with crypto.

Initially a team of only three, Glufco has now grown to 20 full-time employees, and the company has received the support of the local crypto community. “We also received support from the Dash Core Group for the procurement of [point-of-sale] devices and further distribution to the Dash communities in Venezuela," said Di Caprio. 

He added that, if not for the coronavirus pandemic and the ensuing lockdowns, the project may already be further ahead. “This work will begin as soon as the whole lockdown is finished,” he said.