Athena Bitcoin has announced plans to integrate the Lightning Network into its crypto ATM fleet in El Salvador with wider expansion targeted at the entire Latin American region. In a press release dated November 7, the company revealed its partnership with Genesis Coin Inc. to enable the technology across all of its infrastructure in the country, offering users a faster and overall better experience. The company aims to integrate the network into 100 cryptocurrency ATMs within the next two months, with further plans to extend the service to more countries.
The company operates Chivo ATMs in El Salvador, which is the country’s official Bitcoin wallet. Their goal is to become a leader in ATM infrastructure, as a new market report by Coin ATM Radar shows that only 3.7% of global digital asset ATMs support the Lightning Network. In addition to the existing ATMs, the other Athena-branded machine will be embedded with the Lightning Network in Q1 2024, a few months after this development.
El Salvador is a pro-Bitcoin country and is renowned for being the first to make Bitcoin a legal tender. It currently has 215 crypto ATMs, and its adoption of new technologies is crucial for shaping the global perception of the importance of digital assets.
Bitcoin Adoption in El Salvador Extends to Businesses
In line with its pro-crypto stance, the government of El Salvador continues to extend its efforts into new fields. Distribuidora Morazán, the second largest consumer distribution chain in the country, has entered into a business partnership with Bitcoin Beach Wallet to accept Bitcoin as a form of payment from over 40,000 merchants. This move aims to foster business-to-business relationships and encourage more retail service providers to embrace digital assets.
Debates on Blockchain Technology and Central Bank Digital Currencies (CBDC)
While El Salvador integrates crypto and blockchain technology into finance, education, and policy formations, critics argue that the future lies in Central Bank Digital Currencies (CBDC) and the adoption of blockchain technology. Nayib Bukele, the President of El Salvador, who is currently running for re-election, has faced backlash from critics who claim that he isn’t constitutionally qualified for the position. However, supporters of Bukele and other pro-Bitcoin users argue that his progressive policies should be emulated by other countries.
