One Of Panama’s Largest Banks Just Became Bitcoin Friendly

Towerbank, a top 30 bank in Panama, just announced bitcoin friendly services at an event hosted by the Chamber of Digital Commerce and Blockchain of Panama.

• Towerbank, a top 30 banking institution in Panama, just declared it is bitcoin-friendly.
• The bank is encouraging customers to sign up for a bitcoin-friendly account with simple document requirements to access the upcoming functionality.
• Customers are required to provide the wallet address they intend to use and are required to notify the bank if the address changes.

Towerbank, a top 30 banking institution in Panama, just declared itself bitcoin-friendly in an announcement on Twitter from Cristobal Pereira, the executive director of the Latam Blockchain Summit, the meetup where Towerbank made the announcement.

Following the announcement from Pereira, Towerbank’s Twitter account confirmed the announcement by stating “Towerbank, in Panama, opens its doors to bitcoiners and cryptocurrency investors,” and then followed up with a laser-eyed meme of its headquarters.

A video released by the Blockchain Space Instagram account shows Towerbank's vice president of product, Gabriel Campa, explaining the institution is studying bitcoin and other cryptocurrencies.

Campa further explained "And we hope to have something soon to offer our customers," referring to product offerings for bitcoin-based products.

Campa continued stating “We want to work with you and know what we can create to help you be part of this new world.”

The process for customers of Towerbank looking to begin their journey into bitcoin is simple, according to Campa. When asked what documentation customers would need to provide in order to open a bitcoin friendly account, he replied:

“They must only present the following requirements: name, ID card or passport, telephone number, email, activity in which they are engaged, place of work, monthly income and place of residence.”

Campa also explained that customers hoping to use these services will be required to provide the address they want to use for the sale and possession of bitcoin.

“When customers receive funds as a result of the sale of cryptocurrencies, we need to know the address of the wallet with which the transaction was made. So, if you only have one address, you must inform us at the time of opening the account and if you subsequently change your address, you must also inform us,” Campa explained.

Currently, multiple reports suggest that Towerbank will not offer direct bitcoin-to-bitcoin optionality at first, though Towerbank has retweeted some information that suggest the institution is working on providing it at a later date.