Panama has installed 50 Bitcoin ATMs (BTC) in 2022 to keep pace with El Salvador’s Bitcoinization. Santo Blockchain has enabled 50 of the 300 ATMs to begin shipping to Latin America by early 2022.
Santo Blockchain is a vertically integrated cryptocurrency and blockchain company with offices located in Saigon and Panama City. It will invest $1 million in Latin America next year as part its 300 Bitcoin ATM Plan.
Santo Blockchain said Panama will be the first to receive its newly acquired Bitcoin ATMs. Colombia and Costa Rica are next.
Panama is becoming a more crypto-friendly country. A new bill was introduced in September to recognize Bitcoin as an alternative payment method. This could allow Panama to have greater freedoms when using crypto.
Frank Yglesias of Santo Blockchain, also known as “Crypto Hemingway”, is a crypto advisor to Alejandro Castillero (Panamanian Congressman), who oversees the regulations for the new laws. Yglesias stated that 300 ATM deals were made.
“Santo is on an adventure to bring crypto banking, investment, and commerce to more than 400,000,000 people in Latin America who are unbanked, or unbankable. This includes 10% to 15% of the Hispanics living in the United States, which are also unbankable.”
Latin Americans will be able, with the help of ATMs, to purchase small amounts of Bitcoin using cash. Santo’s business model connects the ATMs with a layer-2 BTC wallet created by the company, and eventually, a Santo debit-card which will be launched in Q3 2022.
Yglesias stated that Panama was the first Latin American country in the year-end podcast. This is because Panama is the gateway to the Americas for trade, logistics, finance, and economic stability. Panama is, in the end, the “stepping stone” for wider Latin American adoption of Bitcoin.
Related: Cardano creator Cardano says El Salvador will follow other countries’ Bitcoin moves
This is good news for a continent that has lacked in infrastructure and physical Bitcoin. LATAM still has a lot of work to do in order to keep up with the 5,000 North American Bitcoin ATMs. Walmart, the retail giant, installed 200 Bitcoin ATMs in October as part of its plan to eventually install 8,000 nationwide.
CoinATMRadar, a Bitcoin ATM tracker site, shows that North America has 94.8% of all global BTC ATMs. LatAm only holds 0.2%. El Salvador is the most prominent region with 205 ATM locations.
Santo plans to open 50 ATMs in Panama in 2022. Panama will have 73 BTC locations in physical form, ranking them below the United Kingdom in world rankings.