Key takeaways :
- Lightning Network enhances transaction speed and affordability for El Salvador’s crypto ATMs.
- El Salvador’s welcoming crypto stance fuels investment and innovation in the country.
In a groundbreaking development, Athena Bitcoin, the company at the forefront of operating a prominent chain of cryptocurrency ATMs in El Salvador, has unveiled ambitious plans to integrate the Lightning Network into its extensive network of machines.
This strategic maneuver is designed to revolutionize the efficiency and functionality of these ATMs, paving the way for lightning-fast transactions with reduced fees.
The Lightning Network, widely acknowledged as a “layer 2” payment protocol, is set to be incorporated into 100 of Athena Bitcoin’s ATMs in the months to come. According to a press release dated November 7th, both Athena Bitcoin Global and Genesis Coin have already given the green light to the adoption of Lightning Network technology within their technical infrastructure.
Subsequently, they have plans to expand this innovative network across Latin America, promising a game-changing shift in cryptocurrency accessibility.
The initial phase of the rollout will focus on El Salvador’s Chivo ATMs, which serve as the official Bitcoin wallet for the nation. Athena Bitcoin is determined to take a leading role in enhancing ATM infrastructure.
Notably, a recent market report by Coin ATM Radar has shed light on the fact that a mere 3.7% of global digital asset ATMs currently support the Lightning Network.
The timeline for this transformative upgrade is clear: by the end of December 2023, 100 machines will be Lightning Network-enabled, with the remainder set to follow suit in the first quarter of 2024. This phased approach is anticipated to yield exceptional benefits for users, especially within the realm of faster and more efficient transactions.
Athena Bitcoin’s commitment to cutting-edge technology doesn’t stop at the official Chivo ATMs; it extends to their own branded machines throughout El Salvador and Latin America. This means that customers across the region can look forward to a vastly improved cryptocurrency experience.
The significance of this move is not lost on El Salvador’s leader, Nayib Bukele, who boldly declared Bitcoin as legal tender in 2021. He has recently announced his intention to run for reelection as president in 2024, with a resounding “Five more [years], five more and not one step back” during a passionate speech before thousands of Salvadorans
Athena Bitcoin’s Lightning Network integration marks a transformative step in cryptocurrency accessibility and efficiency, especially as global regulators tighten their grip on crypto ATMs. In July, the UK’s FCA disrupted 26 of 34 crypto ATMs