Simón Abeid

U.S. banks & fintechs operating in Venezuela: it's complicated. @kontigo_app taps Brale, Cash App to move funds. @Lead_Bank- & Bridge-powered UglyCash & AirTM leverage temporary "humanitarian" relief to offer virtual accounts & ACH to users in Venezuela: A lot has changed since the United States deposed Venezuelan President Nicolás Maduro on January 3, 2026. In an effort to reconnect the Venezuelan economy to the global financial system, in part, at least, to exploit the country's vast oil resources, the U.S. has implemented significant sanctions relief, in the form of numerous OFAC general licenses aimed at the oil & gas and financial services sectors. And, following the devastating twin earthquakes this June, OFAC implemented GL 60, explicitly intended to facilitate humanitarian support to the country. FinCEN released a corresponding policy statement designed to encourage U.S. financial institutions to process humanitarian-related transactions with persons in Venezuela. At least two Lead- and Bridge-powered programs, UglyCash and AirTM, explicitly reference this "humanitarian channel" in marketing materials aimed at users in the country. UglyCash posted a statement in Spanish and in English, telling prospective users that “it is now possible to open a virtual U.S. dollar account in your own name in the United States” — via Bridge and Lead Bank — and that such an account could be used “to receive support from family and friends,” “to get paid by clients abroad,” “to move your money between U.S. dollars, cryptocurrency and Venezuelan bolívares,” “and to access those funds in Venezuela through Pago Móvil,” a commonly used payment rail in the country. Meanwhile, Kontigo, which appeared to have been cut off from partners it was using that included Bridge, Stripe, PayPal, and card issuer Rain, following Fintech Business Weekly’s reporting in January, is back. Kontigo is one of only two firms that officially hold a license to operate in the country from Venezuelan crypto regulator SUNACRIP via its Oha Technologies C.A. affiliate. The license was renewed in February and is valid through early 2027. Kontigo is working with “AI financial infrastructure” startup Bloque to allow users to transfer funds from U.S. bank accounts into USDC held in users' Kontigo wallets. Bloque, in turn, appears to rely on stablecoin infrastructure platform Brale. Brale, like competitor Bridge, facilitates money movement and conversion from fiat U.S. dollars to stablecoins that can be held in digital wallets, like those provided by Kontigo. Brale works with bank partners that include SSB Bank, Veridian Credit Union, and Lead Bank, according to sources with knowledge of the matter. Brale appears to have been unaware its infrastructure was being used by Kontigo. Several days after inquiries from Fintech Business Weekly, the Bloque- and Brale-powered deposit option disappeared from Kontigo’s app. Much more on this in the latest edition of Fintech Business Weekly.