🔥🔥🔥 US Company Settles #Salvadoran #coffee Purchase With #bitcoin☀️

Salvadoran Coffee Batch Sold for Bitcoin, Cutting Out Middlemen

Salvadoran coffee producers are embracing Bitcoin for cross-border payments, eliminating the need for intermediaries.

According to the Ministry of Foreign Affairs, U.S.-based Compass Coffee purchased a batch of Salvadoran coffee using Bitcoin, allowing producers to receive fair prices directly.

This marks a significant step in using Bitcoin for commodity transactions. Salvadoran Ambassador to the U.S., Milena Mayorga, highlighted how the use of Bitcoin ensured competitive prices for producers without third-party cuts. She also emphasized that businesses across El Salvador can use Bitcoin for such transactions.

Jorge Cruz, a local coffee producer, revealed that the price obtained was two to three times higher than typical U.S. market quotes. The transaction was completed in under 10 minutes using Bitcoin, after an initial test batch had been sent to verify quality and approve pricing.

This deal followed a series of 2022 meetings between the Salvadoran Foreign Ministry and Compass Coffee to bring Salvadoran coffee to U.S. buyers. Compass Coffee COO, Chas Newman, praised the Salvadoran Embassy’s efforts in facilitating connections, helping local producers grow in the U.S. market. Compass Coffee also plans to enable direct Bitcoin tips to the producers from coffee buyers.

Source - news.bitcoin.com

#BinanceSquareBTC #CryptoMarkets