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Panama to receive 50 Bitcoin ATMs from Santo Blockchain

3 min reading

Santo Blockchain's aims in Latin America includes 300 Bitcoin ATMs, a layer-two wallet, and a Bitcoin debit card.

Panama will install 50 Bitcoin (BTC) ATMs in 2022 to catch pace with El Salvador's Bitcoinization. Santo Blockchain will deliver 50 of the planned 300 ATMs to Latin America at the start of 2022.

Santo Blockchain, a vertically integrated blockchain and crypto firm with branches in Saigon, Vietnam, and Panama City, will fund $1 million in Latin America overall next year as part of its 300 Bitcoin ATMs plan.

Santo Blockchain said that Panama will be the first nation to profit from its recently bought Bitcoin ATMs, with Colombia and Costa Rica following.

Panama has emerged as a more crypto-friendly nation. A new bill was prepared in September to acknowledge Bitcoin as an alternative payment option, potentially allowing wider rights in Panama when utilising crypto.

Santo Blockchain CEO Frank Yglesias, also known as "Crypto Hemingway," is a crypto consultant to Panamanian legislator Alejandro Castillero, who is in charge of enforcing the new rules. Yglesias stated about the 300 ATM deal: “Santo is on a journey to help bring a new wave of crypto banking, investment and commerce to over 400,000,000 people in Latin America that are unbanked or unbankable, including 10% to 15% of the Hispanics in the United States that also are unbankable."

Latin Americans will be enabled to acquire small amounts of BTC with cash through ATMs as part of the proposal. The Santo business concept connects ATMs to the company's layer-two BTC wallet and, subsequently, a Santo debit card, which will be available in Q3 2022.

According to Yglesias in the company's year-end podcast, Panama is the first Latin American country since this represents the entry to the Americas in trade terms and logistics, banking, and economic stability. Finally, Panama serves as a "stepping stone" to wider Latin American BTC acceptance.

The news is beneficial in a region where physical Bitcoin infrastructure is lacking. To stay up with North America's 5,000 Bitcoin ATMs, LATAM does have some following up to do.

To aggregate the matter, in October of this year, retail giant Walmart launched 200 Bitcoin ATMs as part of a goal to install 8,000 countrywide.

According to data, a Bitcoin ATM tracking website, North America has 94.8 % of the world's BTC ATMs, while Latin America has only 0.2 %. El Salvador, predictably, has the most ATMs in the region, with 205.

Santo's intend to expand 50 more ATMs by 2022 will bring the total number of physical BTC outlets in Panama to 73, slightly behind the United Kingdom in the global rankings.



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