Santo Blockchain to Deliver 50 Bitcoin ATMs to Panama

[ad_1]

Panama is doing its best to keep up with El Salvador’s bitcoinization with the installation of 50 Bitcoin (BTC) ATMs in 2022. Thanks to Santo Blockchain, 50 of the 300 planned ATMs will start shipping to Latin America in early 2022.

A vertically integrated blockchain and cryptocurrency company with offices in Saigon, Vietnam and Panama, Santo Blockchain will invest a total of $ 1 million in Latin America in general next year as part of its 300 Bitcoin plan. ATM.

Santo Blockchain announced that Panama will be the first country to benefit from its newly purchased Bitcoin ATMs, while Colombia and Costa Rica are next on its radar.

Panama has become an increasingly crypto-friendly jurisdiction. In September, a new bill was drafted to recognize BTC as an alternative payment method, potentially allowing greater freedoms in Panama when using crypto.

Santo Blockchain CEO Frank Yglesias, nicknamed “Crypto Hemingway,” serves as a crypto advisor to Panamanian Congressman Alejandro Castillero, who oversees regulations regarding the new laws. On the 300 ATM deal, Yglesias said:

“Santo is on his way to help bring a new wave of crypto-banking, investment and commerce to over 400,000,000 people in Latin America who are unbanked or unbankable, including 10-15% of Hispanics. in the United States which are not either. “

As part of the plan, Latin Americans using ATMs will be able to purchase small amounts of BTC in cash. Santo’s business model links ATMs to a company-built Layer 2 BTC wallet and ultimately a Santo debit card, rolled out in Q3 2022.

In the company’s year-end podcast, Yglesias said Panama is the number one country in Latin America because it is the gateway to the Americas in terms of trade and logistics, finance and economic stability. Ultimately, Panama is the “stepping stone” towards wider adoption of BTC in Latin America.

Related: More Countries To Follow El Salvador’s Bitcoin Movement, Says Cardano Creator

The news is welcome on a continent that is lagging behind in terms of physical Bitcoin infrastructure. Indeed, LATAM has some catching up to do to keep pace with the 5,000 Bitcoin ATMs in North America. To compound the problem, in October this year retail giant Walmart piloted 200 Bitcoin ATMs as part of a plan to install 8,000 nationwide.

According to figures from CoinATMRadar, a Bitcoin ATM tracking site, North America is home to 94.8% of BTC ATMs worldwide; LatAm only holds 0.2%. Unsurprisingly, El Salvador leads the region with 205 ATM locations.

With Santo’s plan to introduce 50 new ATMs in 2022, Panama will offer 73 physical BTC locations, placing them just below the UK in the global rankings.

[ad_2]