In 2022, Santo Blockchain, a fully integrated blockchain and crypto focused firm with operations in Saigon, Vietnam, and Panama City, will spend a cumulative $1 million in Latin America as portion of its ambitious plan to install 300 Bitcoin ATMs.
Santo Blockchain has revealed that Panama will be the foremost nation to have a feel of its recently bought Bitcoin ATMs. Notably, Colombia and Costa Rica will be the next two beneficial countries in Latin America. Panama is becoming a more crypto-supportive nation. Back in September, a new law was proposed that would recognize bitcoin (BTC) as an optional mode of payment, perhaps allowing for more flexibility while utilizing cryptocurrency in Panama.
President and CEO of Santo Blockchain, Frank Yglesias, also known by the title ‘Crypto Hemingway,’ acts as a cryptocurrency adviser to Panamanian lawmaker Alejandro Castillero, who is now in charge of overseeing legislation pertaining to the aforementioned laws.
“Santo is on a path to assist in bringing a fresh wave of cryptocurrency banking, investment, and trade to more than 400,000,000 individuals in Latin America who do not have access to banking facilities or remain unbankable, which would include 10% to 15% of the Hispanic population in the US who are also unbankable,” Yglesias opined regarding the 300 ATM proposal.
Notably, the ATM can be used by Latin Americans to purchase small quantities of Bitcoin with fiat money as portion of the scheme. The Santo business strategy connects ATMs to a second layer Bitcoin wallet developed by the startup, and ultimately to a Santo branded debit card, which will be made available in third quarter of next year.
The CEO of the firm, Jeff Yglesias, stated in the company’s year-end conference that Panama ranks #1 among Latin American countries because it serves as the “portal to the Americas” with respect to commerce and logistics, banking, and economic progress. At the end of the day, Panama is the “launching pad” to greater BTC acceptance across Latin America.
The announcement comes at a time when the region is experiencing a shortage of practical Bitcoin network. Indeed, Latin America and the Caribbean has a lot of work left to do if it wants to keep in pace with North America, which boasts of 5,000 Bitcoin ATMs. Additionally, in October 2021, Walmart launched 200 Bitcoin ATMs as portion of a larger plan to ultimately deploy 8,000 Bitcoin ATMs around the country. Walmart is the world’s largest retailer.
As per CoinATMRadar statistics, a Bitcoin ATM monitoring website, North America is home to 94.8% of all Bitcoin ATMs globally, with Latin America accounting for just 0.2%. Strangely, El Salvador has the highest number of ATMs in the zone, with 205 machines. As Santo intends to add 50 more ATMs by 2022, Panama will have 73 physical BTC sites, putting it only behind the UK in terms of global reach.