Athena Bitcoin to Integrate Lightning Network into El Salvador's Crypto ATMs
Summary:
Athena Bitcoin, the operator of El Salvador's state-owned crypto ATM network, plans to incorporate the Lightning Network into 100 of these machines in the coming months. The technology, already integrated into Athena Bitcoin Global and Genesis Coin Inc.'s infrastructure, will be implemented first in El Salvador before extending across Latin America. The aim is to expedite transactions while cutting costs, with activation on Chivo ATMs expected by December 2023. This move follows El Salvador's legalization of Bitcoin in 2021 and is anticipated to attract further technological innovation and foreign investment to the country.
Athena Bitcoin, the firm running El Salvador's state-owned crypto ATM network, intends to incorporate the Lightning Network into 100 of these units in the coming months. As per a November 7 press release, Athena Bitcoin Global and Genesis Coin Inc. have already incorporated Lightning Network technology throughout their technological infrastructure, initially implementing it in El Salvador before expanding across Latin America. Related: El Salvador initiates first Bitcoin mining pool in collaboration with Volcano Energy and Luxor.
The Lightning Network is a secondary payment protocol designed to speed up withdrawals while reducing transaction costs, without the need to document operations in the main network ledger. Only 3.7% of global crypto ATMs, according to Coinatmradar, currently support this network. A response for comment has not been received from Athena.
By December 2023, Athena plans to activate Lightning support on 100 state-owned Chivo ATMs it controls in El Salvador. The rest of the kiosks, including those carrying the Athena brand, are set to follow suit in the first quarter of 2024. Presently, El Salvador is home to 215 cryptocurrency dispensary machines. The nation's leader, who legalised Bitcoin in 2021, has prominently announced his intent to seek another term as president in 2024. "Five more [years], five more and not a step backwards," he proclaimed to a vast audience of Salvadorans. In a bold move in April 2023, he eliminated all taxes on technological innovations, possibly attracting more innovators and foreign investment to the country.
Some specialists, such as Gabor Gurbacs, strategy advisor to investment management firm VanEck, suggest El Salvador could emulate Singapore's success and morph into a financial powerhouse in the Americas. Magazine: An insider's glimpse at using Bitcoin in El Salvador.
Published At
11/8/2023 10:03:00 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.