Largest Bank from El Salvador Partners with Flexa
Now that El Salvador has inducted Bitcoin as a legal tender in its law, the adoption rate for Bitcoin (BTC) is on the rise in the country. With the new law in place, financial institutions and several other firms are aiming to adopt Bitcoin to facilitate their users.
The firms are aiming to gain the lead compared to others by adopting Bitcoin before others do. This is exactly what Bancoagricola has planned in its latest strategy as it aims to become the leading financial firm in El Salvador (ES).
Bancoagricola currently exists as the largest financial institution in El Salvador and it is now aiming to become the pioneer with respect to the adoption of Bitcoin. The firm has announced that it has updated its policy for the adoption of Bitcoin.
According to Bancoagricola, it has partnered with Flexa in order to achieve its goal in the cryptocurrency sector. Flexa is a gateway for digital payments and it has just formed a partnership with Bancoagricola in order to help the bank with its goal.
Bancoagricola reportedly made the announcement with Flexa on Thursday, September 9, 2021. Flexa has also acknowledged the reports of Bancoagricola forming a partnership for advancing into the crypto-verse.
Bancoagricola has announced that following its partnership with Flexa, they will be able to enable their users to make transfers and transactions in Bitcoin. The payment platform will also enable merchant and retail clients in transaction Bitcoin transactions.
Through Bancoagricola, the users will also be able to make payments in credit cards in the form of the United States dollar. The users will be able to do it with platforms such as wallets that are Lightning Network or Flexa enabled. At present, the most prominent wallets to be used by consumers in El Salvador include Éclair and Chivo.
The firm has announced that the users will not be facing or incurring any additional fees, charges, or costs when making transactions through these platforms. On top of that, the consumers will be able to avail themselves the services for merchant goods, cover loans, and many more services.
The reason behind Bancoagricola having access to the Lightning Network is the recent integration made by Flex of Lightning Network into its protocol. Therefore, once Flexa makes its platform available to Bancoagricola, the bank will eventually gain access to its service.
Flexa had reportedly integrated the Lightning Network feature into its platform to enable Lightning payments for its merchant clients.
Bancoagricola is not the only entity that is adopting Bitcoin on a large scale following its acceptance as a legal tender. Several other companies including major fast-food chain “McDonald’s” have also adopted Bitcoin as a payment method in El Salvador.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
