Biggest Bank in El Salvador Now Accepts Bitcoin as Payment for Financial Products
Bancoagricola, the biggest bank in El Salvador, is now accepting bitcoin to pay for debts originated from the use of its instruments, according to a PR statement. The institution partnered with Flexa, a payments network,...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Bancoagricola, the biggest bank in El Salvador, is now accepting bitcoin to pay for debts originated from the use of its instruments, according to a PR statement. The institution partnered with Flexa, a payments network, to include cryptocurrency capabilities in its software. Bancoagricola also allows merchants using Wompi services (a digital payment processor) to receive bitcoin for goods and services sold.
Bancoagricola Embraces BitcoinBancoagricola, the biggest financial institution in El Salvador, has been one of the first to include bitcoin support for its financial instruments. This means that its customers will be able to pay for financial instruments (like loans, mortgages, and credit card debt) with bitcoin, complying with the bitcoin law.
Customers of the bank that use a digital payments gateway known as Wompi, will also be able to receive payments in bitcoin through this service. Carlos Mauricio Novoa, COO of Bancoagricola, stated:
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.
The bank also announced it aims to provide full support for bitcoin payments through their PoS terminals this year.
Flexa Partnership In El SalvadorTo achieve this goal, Bancoagricola partnered with Flexa, a digital payments platform. This allowed the institution to easily integrate bitcoin-related services into the platform. Flexa will be integrated into Bancoagricola’s network of PoS, allowing customers to receive bitcoin payments directly. Banks and other businesses are starting to include bitcoin in their payments network to comply with the legal tender status that was approved for bitcoin on June 9.
Trevor Filter, the co-founder of Flexa, stated:
The opportunity to partner with organizations as innovative and world-class as Bancoagrícola and Grupo Bancolombia so that we can support better payment technology for millions of Salvadorans in such a tangible and impactful way is simply incredible.
Bancoagricola has more than 1,000 customer attention points all over the country, with more than 5,400 employees serving customers. So the impact that this inclusion can have over how citizens pay their debts is important. More banks are expected to announce several deals in the coming days, to also accommodate customers according to the promulgated law.
Even with all this movement surrounding bitcoin, most Salvadorans (seven of ten) are against the use of it as a legal tender according to a poll organized by the University Institute of Public Opinion.
What do you think about Bancoagricola integrating Bitcoin services in El Salvador? Tell us in the comments section below.
Why this matters
This bitcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Bitcoin NewsRelated market context
Paraguay Bank Collapse Shows Why Bitcoin Was Created as USDT Hits Premium
Paraguay bank crisis is showing why Bitcoin was created in the first place. USDT sellers reportedly demanded premiums of up to 13%...
Kraken Parent Payward Takes AAVE Stake as Institutions Look Deeper Into DeFi
TL;DR: Payward, the infrastructure company behind Kraken, said November 5 that an affiliated fund and its clients had acquired an...
Solana’s October Upgrade Review Puts 200ms Slots and $5B in Tokenized Assets in Focus
TL;DR: Solana Foundation’s November 6 ecosystem review says two protocol changes went live in October: a reduction in target slot...
Samsung Wallet’s USDC on Solana Is Live — Here’s What the Rollout Actually Covers
TL;DR: A Solana Foundation update dated November 5 confirms that Samsung Wallet’s stablecoin account went live on November 2 for e...
Nigeria Sets New Stablecoin Licensing Rules and Capital Requirements
TL;DR: Nigeria’s central bank issued a new framework on November 5 for non-security virtual assets, with separate stablecoin licen...
Nigeria Erects Strict Stablecoin Wall, Demanding $11M Local Subsidiaries for US Dollar Tokens
Nigeria has adopted regulations for non-security virtual assets that make it one of the most restrictive stablecoin market-access...