Leading bitcoin wallet provider Xapo has enabled bitcoin purchases in Venezuela through its website. The announcement comes amid reports of rise in bitcoin adoption in the country which is engulfed in deep economic crisis.



The Merkle reported that the minimum amount of bitcoins to be purchased stands at $50. Xapo has opened a bank account with the leading private Venezuelan bank Banesco. Users will be able to send fiat from any bank in the country to make deposits.



The Bolivar, the national currency of the crisis-ridden Venezuela, has dropped against the USD by nearly 40% in a year. According to the International Monetary Fund (IMF), Venezuela is projected to remain in a deep recession in 2016, amid political uncertainty and as the renewed decline in the price of oil has deepened existing macroeconomic imbalances and pressures, including an average inflation rate projected to rise to close to 500 percent in 2016.



In such turbulent times, Venezuelans seem to have found solace in cryptocurrencies. In fact, bitcoin is being sold at a premium in the country, for about $666.



In addition to Xapo, Venezuelan residents can purchase bitcoins from Cryptobuyer and Yabit (currently under maintenance). Up until now, the residents had limited number of consistent bitcoin markets, namely LocalBitcoins, Surbitcoin, and P2P transactions between trusted members in the local Facebook group or chats.