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What is shasta? Sudeban’s mysterious app approved

June 11, 2020

On June 9, a note published in El Universal announced that the superintendency of banking sector institutions (Sudeban) in Venezuela has done so Installation and operation of the Shasta app authorizedwhat above all allows Dealing with currencies like the euro and the US dollar. Based on the project by the Spaniards Alex Sicart and the Venezuelan Leonardo Montbrun.

After the cell services market entry for Wells Fargo customers based in Venezuela, there has been a wave of new fintech applications trying to fill this gap. In Shasta’s case According to one of its co-founders, it has permission to compensate.

Sicart is a young man who has had an accelerated career in the world of startups in Spain and developed applications at a young age. Montbrun is the main character of an investment group with his surname, defined as a “Venezuelan entrepreneur” who, like the Catalan, studies “in blockchain”. He created a blockchain application for trading gold, although there are no further details.

What is shasta? Sudeban’s mysterious app approvedWhat is shasta? Sudeban’s mysterious app approved

It should be noted that despite the experience of both co-founders, this technology and cryptocurrencies are not implemented in the application. We are talking about an excellent fintech “solution” for the Spaniards and now for the Venezuelans.

According to the press release, the app has been under development since 2018 At that time it was a tool associated with the exchange of electricity. The new payment app did not start until the end of 2019.

According to the notice, One of the main incentives of this application is the ability to manage multiple currencies while requesting an “international visa or master card”.

Venezuelan users You have to pay 3% for the depositsin accordance with the general terms and conditions. The company that offers this card service is Pecunia Cards, which also receives the user’s money when the card is issued. Shasta Company does not guarantee a refund.

The company version

CoinTelegraph in Spanish contacted Leonardo Montbrun, the company’s co-founder, for details on the launch. According to Montbrun The company has a registered office in Venezuela that has an operating license equivalent to that of Credicard. As he said, the app “More than 15,000 downloads in Europe and 20,000 downloads in Venezuela in the past 24 hours“”

“We presented the Sudeban Superintendency project through our lawyers and after a few months we were approved. It is important to emphasize that our authorization is identical to that of Credicard and other clearing companies. We only innovate with an app, ”he explained.

With Sudeban’s permission, they can also issue the cards. “”You can use it to pay in both dollars and euros, and now with Bolivar in a few weeks. To get it, all you have to do is deposit $ 20 into the account (which can be used at any time) and wait a maximum of three weeks to get itMontbrun emphasized.

Regarding security, Montbrun noted that “when we talk about it 256-bit security”, You are referring to some form of encryption, although the word is not mentioned. In addition, he declined that the application will have a cryptocurrency or blockchain implementation.

“At the moment, it is not in our plans, we believe that the solution is that society can have easy access to dollars and euros, and that cryptocurrencies serve as an investment vehicle rather than a payment method,” he said.

No confirmation from Sudeban

It is striking that, despite the company’s confirmation, there is no public announcement about this Sudeban approval. Shasta is not mentioned on his website or on his social networks.

In addition, the hashtag #Shastapp on Twitter became a trend on the afternoon of this Wednesday, June 10th. If we confirmed that the tweets were created with the hashtag, we could confirm that The activity appears to be a prominent advertisement between bot accounts and users who just repeat a positive message.

According to Montbrun, there is no relationship between Alex Sicart and the Superintendent for Cryptoactive and Related Activities (Sunacrip) in Venezuela. Both shared an event about blockchain in Europe that was promoted since it was the first time that the Petro was featured in an event of this kind.

“Our approach to bring the technology platform to Venezuela was the Sudeban superintendency where we presented the project and after a few months of waiting we got the license to operate in Venezuela. Shasta has nothing to do with the superintendency of cryptocurrencies. In fact, it is important to clarify that Shasta does not use blockchain and is not crypto activity, “he said.

Because of the authoritarian nature of the Venezuelan regime They have also triggered critical reactions to how a company with no recent history in Venezuela got the government agency’s alleged approval so quickly.