Panamanian bank Towerbank welcomes Bitcoin and cryptocurrency users. Panama’s cryptocurrency adoption is picking increasing speed. Towerbank, a Panamanian financial institution with over 200 staff and 40 years of banking experience, has proclaimed itself Bitcoin-friendly (BTC), allowing crypto accounts to be opened.
The bank has opened the floodgates to the crypto community with a series of tweets and leaks from a blockchain meetup in Panama City, the country’s capital. Representatives from Towerbank welcomed crypto enthusiasts to create accounts at the bank during a blockchain meetup held by the Chamber of Digital Commerce and Blockchain of Panama on May 26.
Crypto users, according to Gabriel Campa, vice president of product at Towerbank, will not face the “setbacks” that ordinary Panamanian nationals would face while doing crypto transactions at the bank.”Towerbank is crypto-friendly,” said Cristobal Pereira, Executive Director of the Latam Blockchain Summit and a participant in the event with Towerbank and Campa. Crypto aficionados can “come to register accounts and deposit withdrawals from exchanges without worry,” he said in a tweet.
“Hello, crypto community!” Towerbank’s official Twitter account wrote on May 28, confirming speculations that the Top 30 Panamanian bank had taken a shine to Latin American crypto fans. Since then, the tweet has been pinned to the profile.
The bank limits crypto-related transactions to $5,000 per month and do not provide direct crypto-to-crypto services. To date, the move has been seen as a signal to the crypto community that digital assets worth less than a specific amount can be spent at a bank without difficulty.
Towerbank has since retweeted tweets claiming that clients will be able to link their crypto accounts straight to their Towerbank bank accounts, but no official comment has been made.
Although there has been a tsunami of pro-crypto enthusiasm in Panama, the president declared in May that a crypto bill will not be passed anytime soon. According to some analysts, the bank’s pro-crypto action is not just a way to improve crypto’s image, but also a way to diversify its customer base by reaching out to the money-oriented crypto community.
When the bank’s Twitter account reposted a meme produced by Bitcoiner Aldo Antinori, it proved its Bitcoiner credentials. Towerbank’s flagship building in Panama City‘s financial area is shown in the tweet as having Bitcoin-themed laser eyes.
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