San Salvador, El Salvador, November 7, 2023 — In a dual announcement marking a significant leap in the Bitcoin ecosystem, Blink Wallet, an innovative Bitcoin wallet and API platform formerly known as Bitcoin Beach Wallet, has unveiled its ‘Buy & Sell Bitcoin’ feature for users in El Salvador and simultaneously announced a transformative partnership with Distribuidora Morazán, the country’s second-largest distributor of consumer goods.
Elevating the user experience, Blink’s ‘Buy & Sell Bitcoin’ functionality provides a user-friendly onramp and offramp between Bitcoin and local fiat currencies. This feature which is being rolled out in beta promises both convenience and a seamless transactional experience for its Salvadoran users. Recognizing the app’s growing global user base, Blink has incorporated an option for international users to request the ‘Buy & Sell Bitcoin’ feature for their respective countries.
In collaboration with Blink, Distribuidora Morazán, a company with 600 employees, has initiated a pilot program to accept Bitcoin from a select segment of its 40,000+ customers. As part of this initiative, the distributor is also equipping and motivating these merchants to accept Bitcoin in their retail locations. With its extensive reach, the move by Distribuidora Morazán is a strategic effort to showcase the benefits of and foster traction for B2B Bitcoin adoption in El Salvador.
Transitioning to digital Bitcoin payments from traditional cash methods brings Distribuidora Morazán numerous advantages:
- Efficiency: Bitcoin transactions enhance payment speed and dependability.
- Operational Effectiveness: Digital real-time accounting reduces manual tracking and discrepancies.
- Cost Savings: In addition to the time and money saved by solving logistical and operational issues, merchants paying Distribuidora Morazán via Blink incur zero transaction fees.
Elaborating on this collaboration, Rodrigo Jacir Garcia-Prieto, CEO of Distribuidora Morazán, stated :
“Our distribution operation, until today, has been predominantly managed in cash and this presents a series of logistical, time, and operational difficulties that slow our day-to-day ability to visit more points of sale. Bitcoin solves that. The vast majority of our customers do not have access to banking services and this is the perfect way to introduce them to their first financial tool.”
We want to take full advantage of what bitcoin can do for us and our customers by enabling cash management efficiency, reducing operational expenditures, and increasing our ability to expand our reach within Central America while using a secure payment method such as Blink.”
The pilot program is already rolled out to 30 of the target 80 Phase I merchants, with more coming onboard this quarter. Distribuidora Morazán is geared up to expand the pilot program next year, with plans to onboard up to 3% of its customers, or 1,000 merchants, in 2024.
Noor El Bawab, CEO of Blink, remarked, “Our collaboration with Distribuidora Morazán isn’t just about a feature or a program. It’s about catalyzing a nation’s shift to embrace Bitcoin from the ground up.”
The launch of Blink’s ‘Buy & Sell Bitcoin’ feature, coupled with its strategic partnership with Distribuidora Morazán, marks a notable step forward in normalizing Bitcoin transactions in everyday life in El Salvador and beyond. These initiatives underscore a concerted effort to tap into Bitcoin’s potential for both efficient business operations and inclusive economic growth among communities and small businesses.
About Blink Wallet
Blink (formerly known as Bitcoin Beach Wallet) is a Bitcoin Lightning wallet built for bottom-up Bitcoin adoption.
With built-in education, stablesats for volatility management and a robust set of merchant features, Blink is a preferred wallet of communities, individuals and businesses looking to use Bitcoin for everyday payments. The recently launched Blink API makes integrating Lightning payments into websites and applications simple, reliable and cost-effective.
About Distribuidora Morazán
With over 10 years in operation, Distribuidora Morazán has quickly become one of the country’s leaders in distribution of fast moving consumer goods. What started as a tobacco products exclusive distribution operation quickly grew into more than 1,200 total products and over 40,000 merchants visited every month.
Distribuidora Morazán is committed to changing the way distribution is operated in Central America by promoting innovation and extraordinary service that will improve the lives of the public we serve.
Noor Elhuda El Bawab