Santo Blockchain to deliver 50 Bitcoin ATMs to Panama

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
planned
300
ATMs
will
begin
shipping
to
Latin
America
in
early
2022.

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

Santo
Blockchain

announced

Panama
would
be
the
first
country
to
benefit
from
its
newly
purchased
Bitcoin
ATMs,
while
Colombia
and
Costa
Rica
are
the
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
,
possibly
enabling
greater
freedoms
in
Panama
when
using
crypto.

Santo
Blockchain
CEO
Frank
Yglesias,
who
goes
by
the
moniker
‘Crypto
Hemingway,’

serves

as
a
crypto
advisor
to
the
Panamanian
congressman
Alejandro
Castillero,
who
oversees
regulations
regarding
the
new
laws.
Of
the
300
ATM
deal,
Yglesias
said:

“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.”

As
part
of
the
plan,
Latin
Americans
using
ATMs
will
be
able
to
buy
tiny
amounts
of
BTC
with
cash.
The
Santo
business
model
links
the
ATMs
to
a
layer-2
BTC
wallet
built
by
the
company
and
eventually
a
Santo
debit
card–rolled
out
in
Q3
2022.

In
the
company’s
year-end

podcast
,
Yglesias
said
that
Panama
is
the
first
Latin
American
country
because
it
is
the
gateway
to
the
Americas
in
terms
of
trade
and
logistics,
finance
and
economic
stability.
Ultimately,
Panama
is
the
“stepping
stone”
to
broader
Latin
American
BTC
adoption.



Related:




More
countries
to
follow
El
Salvador’s
Bitcoin
move,
Cardano
creator
says

The
news
is
welcome
to
a
continent
lagging
in
physical
Bitcoin
infrastructure.
Indeed,
LATAM
has
some
catching
up
to
do
to
keep
pace
with

North
America’s
5,000
Bitcoin
ATMs
.
To
compound
the
matter,
in
October
this
year,
retail
juggernaut

Walmart
piloted
200
Bitcoin
ATMs

as
part
of
a
plan
to
install
8,000
nationwide
eventually.

According
to

CoinATMRadar

figures,
a
Bitcoin
ATM
tracking
site,
North
America
hosts
94.8%
of
worldwide
BTC
ATMs;
LatAm
holds
just
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
United
Kingdom
in
the
world

rankings
.

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