Quick Take
Athena Bitcoin Global and Genesis Coin Inc. are teaming up to integrate Lightning Network technology into El Salvador’s Bitcoin ATMs. This collaboration promises faster withdrawals and reduced fees, starting with 100 Chivo Bitcoin ATMs by December 2023.
Athena Bitcoin Global and Genesis Coin Inc. to integrate Lightning Network into El Salvador’s Bitcoin ATM Network
In 2021, El Salvador garnered worldwide attention by making history as the first nation to embrace Bitcoin as a legal tender. In a significant development for El Salvador’s Bitcoin ecosystem, Athena Bitcoin Global and Genesis Coin Inc. have unveiled plans to integrate Lightning Network technology into the nation’s Bitcoin ATM network. This collaborative effort aims to provide users with faster withdrawals and reduced transaction fees, marking a pivotal moment in the country’s embrace of Bitcoin and digital assets.
Athena Bitcoin Global, a leading international operator of Bitcoin ATMs and digital asset fintech solutions, has joined forces with Genesis Coin Inc., the pioneering white-label Bitcoin ATM software platform. Together, they are bringing the benefits of Lightning Network to Bitcoin ATM users in El Salvador, promising a more efficient and streamlined transaction experience.
The rollout will commence with Chivo Bitcoin ATMs in El Salvador, where one hundred machines will be Lightning Network-enabled by the end of December 2023. The remaining kiosks will follow suit in the first quarter of 2024.
Chivo is the official Bitcoin wallet of the Salvadoran government, and Athena Bitcoin plays a crucial role in supporting its technology and infrastructure. Furthermore, Athena Bitcoin plans to extend this Lightning Network technology to its own branded machines throughout El Salvador and Latin America, ensuring a more seamless transaction process for its customers across the region.
Matias Goldenhorn, CEO of Athena Bitcoin Global, said: “We are excited to introduce this valuable enhancement for our customers and proud to support the ongoing Bitcoin adoption in El Salvador and globally.”
He highlighted the role of technology and experience in empowering customers and expanding opportunities in remittances and cross-border payments.
Doug Carillo, President and Chief Strategist of Genesis Coin, shared his perspective, noting that “Genesis Coin pioneered the Bitcoin ATM industry with the first scalable software platform for operators. We’re excited to work with Athena Bitcoin in implementing Lightning Network in cross-border payments.”
He added, “This is a historical moment and a significant advancement for all stakeholders. We’re always seeking ways to innovate and leverage Bitcoin as a tool for financial empowerment in communities worldwide. The cost-efficiency of Lightning transactions will allow Salvadorans to retain more of their funds and enable smaller, more frequent transactions.”
The integration of Lightning Network technology into El Salvador’s Bitcoin ATM network signifies a major stride toward faster and more cost-effective transactions for users. It underscores the commitment of both Athena Bitcoin Global and Genesis Coin Inc. to drive Bitcoin adoption and financial empowerment in the region.
As the cryptocurrency landscape continues to evolve, partnerships like this one demonstrate the industry’s dedication to enhancing accessibility and functionality, ultimately paving the way for broader acceptance and usage of digital assets. The coming months will undoubtedly witness a transformative shift in how users interact with Bitcoin ATMs in El Salvador, with Lightning Network technology poised to revolutionize cryptocurrency transactions in the country.
Read Also: How El Salvador Is Adopting Chivo Wallet To Embrace Bitcoin Economy?
