US company buys Salvadoran coffee with Bitcoin in under 10 minutes

Compass Coffee, a U.S.-based coffee company, recently purchased a batch of Salvadoran coffee using Bitcoin (CRYPTO:BTC), marking a significant step in using cryptocurrency for international trade. 

According to the Salvadoran Ministry of Foreign Affairs, the transaction was completed in less than 10 minutes, eliminating the need for intermediaries and streamlining the process. 

Jorge Cruz, the Salvadoran coffee producer involved in the sale, highlighted the benefits of using Bitcoin. 

“We received the payment quickly and directly, without having to deal with middlemen,” he explained. 

Cruz also shared that the price of the coffee was two to three times higher than typical U.S. market rates, thanks to the direct transaction. 

This purchase is part of a larger effort by the Salvadoran government to promote the use of Bitcoin in the country’s economy. 

Salvadoran Ambassador to the U.S., Milena Mayorga, emphasized that the use of Bitcoin helps local producers secure fair prices without losing a portion of their profits to third-party fees. 

“Bitcoin allows us to get our products to international buyers faster and at better prices,” she said. 

Compass Coffee’s decision to buy Salvadoran coffee with Bitcoin came after a series of meetings with the Ministry of Foreign Affairs in 2022. 

These talks aimed to connect Salvadoran coffee producers with U.S. buyers, encouraging more trade between the two countries. 

Chas Newman, COO of Compass Coffee, praised the role of the Salvadoran Embassy in making the deal possible. 

He also announced that Compass Coffee customers will soon be able to tip coffee producers directly through Bitcoin wallets, further integrating cryptocurrency into the company’s operations. 

At the time of reporting, the Bitcoin price was $62,712.86.