For years, El Salvador has doubled down efforts to become a Bitcoin city. This exciting development has positioned the Central American country as an attractive prospect for Bitcoin development, inspiring crypto and tech firms to flock to the region.
In a November 9 update, the prominent Bitcoin ATM provider Athena teamed up with Genesis Coin to integrate Lightning Network into Latin America’s existing crypto ATM.
Athena Global Partners With Genesis Coin
The report indicated that Athena has been operating most of the El Salvador Bitcoin ATMs. However, with the changes in the crypto industry, the two tech companies have focused on integrating the Lightning Network on Athena’s Bitcoin ATMs and Chivo kiosks.
This development aims at scaling up the Bitcoin network with a second-layer solution to improve transaction speed and reduce cost.
As part of the Athena and Genesis Coin collaboration the duos will start the proposed upgrades in El Salvador . In a press release, the two companies will install the lightning network to 100 Chivo Bitcoin ATMs in the pro-crypto state by December.
Interestingly, shortly after El Salvador accepted Bitcoin as a legal tender, the government collaborated with Athena to create a national Bitcoin wallet called Chivo. In June 2021, the president of El Salvador, Nayib Bukele, implemented a rewarding system to push for the adoption of Bitcoin and boost the usability of the Chivo wallet.
At that time, the early users of Chivo wallets received $30 worth of Bitcoin. To obtain the gift, the Bitcoin enthusiasts were required to install Chivo mobile application or complete the registration process at the Bitcoin ATM.
Benefits of Integrating Lightning Network to Bitcoin ATMs
Since the launch of the state-owned Bitcoin wallet, the Salvadorian has migrated to the use of the Chivo wallet in making Bitcoin and dollar transactions. With the wide adoption of Chivo wallets in Central America, Athena and Genesis anticipate that by integrating the Lighting Network, the customers will enjoy fast, convenient, and cost-friendly transactions.
In the second phase of the upgrades, the two companies will install the lightning network to the remaining Bitcoin ATMs. At this stage, Genesis will ensure that around 215 Bitcoin ATMs in the region have lightning network features.
Even though some of the wallets and exchanges in the region are lighting network-enabled, Genesis and Athena will commence the second phase of the upgrade in Q1 of 2024.
Initially, the Salvadoran government had agreed to install the lightning network in 2021. The interesting move obliged the government to partner with local Bitcoin-oriented payment company Strike to install the lightning network.
El Salvador Pushing for Bitcoin Adoption
Even though the deal failed to materialize, the Salvadorian authority has made impressive strides to install the lightning network to the Bitcoin ATMs.
In an exclusive interview with the president of Genesis Coin, Doug Carillo stated that the imminent integration of Lightning Network to the Bitcoin ATMs aims at encouraging Salvadorians to store their funds in Chivo and other digital wallets.
The official anticipates that activating lightning-enabled features on the Bitcoin ATMs will reduce transaction costs. This development will allow Salvadorian users to increase their crypto transaction activities.
Mr. Carillo applauded the Genesis Coin team for being on the frontline in developing the Bitcoin ATM industry. The executive recognized that Genesis Coin was among the first companies to design scalable software for Bitcoin ATM operators.
Reflecting on Genesis Coin’s past achievements, Carillo was pleased to collaborate with Athena to introduce Lightning Network in cross-border payments. The executive admitted that the collaboration with Athena will significantly advance the Bitcoin ATM sector.
Strategies to Revolutionize the Cross-Border Payment Sector
Carillo anticipates that through the collaboration with Athena, the two companies will develop innovative solutions that will transform the crypto sector. He believes that Bitcoin will become a powerful tool for empowering the community on financial matters.
In a separate report, the chief executive of Athena Bitcoin Global, Matias Goldenhorn, was pleased to introduce the lightning network to the Salvadorian users.
The CEO is delighted to join the team championing Bitcoin Adoption in El Salvador. Goldenhorn admitted that Genesis Coin and Athena will leverage their technologies and expertise to revolutionize the cross-border payments and remittance industry. The executive reaffirmed that introducing the lightning network to Bitcoin ATM will empower the customers with valuable insights on crypto and blockchain network .
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