El Salvador's largest bank partners with Flexa for Bitcoin offerings
BTC Peers
Published Sep 10, 2021 04:15PM ET
Updated Sep 10, 2021 04:30PM ET
El Salvador's largest bank partners with Flexa for Bitcoin offerings
Bancoagrícola, El Salvador’s largest financial institution is set to boost the country’s Bitcoin adoption policy, thanks to a partnership with digital payments gateway Flexa.
According to an official press release shared by Flexa, the partnership will enable Salvadorans to use a variety of Bitcoin-related services like loans, credit cards, and merchant goods and services, regardless of whether they choose Bitcoin or dollars.
The use of Bitcoin in El Salvador has not had the best of starts. However, financial institutions are already doing their best to act in accordance with regulations. Since Bitcoin operates outside the banking structure, a crypto wallet was created by the government, and users who downloaded the app were entitled to $30 in BTC.
Bancoagrícola is going a step further to offer Bitcoin compatibility at its points of sale without the need to use the Chivo Wallet.
The titan bank is a subsidiary of Colombia’s leading bank Bancolombia (NYSE:CIB), which is working on integrating US-regulated cryptocurrency exchange Gemini to offer similar services.
COO of Bancoagrícola, Carlos Mauricio Novoa, said they are excited about the potential and hope to continue developing their services in the new economic era.
We are excited to be the first financial institution in El Salvador to enable bitcoin access for our customers across our entire suite of financial products and to enhance financial inclusion. Flexa has been instrumental in helping us prioritize our customers’ experiences using bitcoin as legal tender in El Salvador; we look forward to continuing to innovate alongside them for a long time to come.Salvadorans would have full Bitcoin-to-fiat compatibility even if they use a third-party wallet besides the government-sponsored Chivo wallet.
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