Venezuela Moves to Link Banks With Bitcoin and Stablecoin Custody Network

TLDR:

• Conexus plans a blockchain-based interbank system allowing Bitcoin and USDT deposits and transfers.
• Over 40% of Venezuelan payments already flow through Conexus, making it key to crypto integration.
• The project aims to give banks custody options for Bitcoin and stablecoins amid rising crypto use.
• No launch date yet, but Conexus says the blockchain network is already under active development.
  

Venezuela’s banking sector may soon operate on blockchain rails. 

Conexus, one of the country’s largest financial networks, is developing an interbank blockchain system to handle Bitcoin and stablecoin transactions. The network will enable users to make deposits, transfers, and custodial operations with crypto assets through their banks. 

The plan aims to merge traditional finance with digital currencies in a country where stablecoins already circulate widely. The details emerged in an interview with Banca y Negocios featuring Conexus president Rodolfo Gasparri.

Conexus Eyes Blockchain Integration for Crypto Custody

Gasparri said Conexus is working on a blockchain framework that allows Venezuelan banks to hold and process stablecoins such as USDT alongside Bitcoin. The system would function as an interbank network, securing transactions under regulated structures. According to him, the initiative responds to the growing use of crypto assets as a hedge against the country’s volatile currency.

He explained that citizens increasingly rely on stablecoins to protect savings from devaluation, prompting banks to seek secure, transparent integration channels. 

Gasparri added that blockchain offers traceability and regulatory oversight while improving transaction efficiency. He believes this model could mark a turning point for Venezuela’s financial system, much like the introduction of mobile payments years ago.

The company has not provided a specific launch date, but Gasparri confirmed that work on the blockchain infrastructure is advancing quickly. He compared the approach to BBVA in Spain, which already offers crypto custody within its app, suggesting that Venezuelan banks could follow a similar path.

Conexus manages one of two main interbank networks in the country, handling nearly 40% of Venezuela’s payment traffic. Its existing reach positions it well to lead blockchain adoption across the banking sector once the platform goes live.

Mobile Payments Paved the Way for Crypto Integration

Conexus also pioneered Venezuela’s mobile payment network, which now processes around 100 million transactions each month.

Gasparri noted that this model has become essential for small businesses, especially as cash use declined during periods of hyperinflation. By connecting all major banks through existing switches, the mobile payment network became one of the country’s most resilient financial solutions.

He recalled that the system was inspired by early U.S. digital payment tools such as QuickPay, which evolved into Zelle. 

Venezuela’s mobile payment success, he said, proved that widespread digital adoption was possible even under economic pressure. That experience is shaping Conexus’s blockchain ambitions today.

Gasparri added that the network’s strength lies in its agility, in-house technology, and trained workforce, allowing rapid implementation of new projects. Conexus plans to apply this same infrastructure to the blockchain system, ensuring both scalability and regulatory compliance.

The executive expects the move toward blockchain to promote financial inclusion and integrate crypto within a regulated environment. He said the shift aligns with global payment trends, where platforms like SWIFT are also exploring tokenized transaction models.

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