Bancoagrícola, El Salvador’s largest financial institution, is set to promote the country’s Bitcoin adoption policy, through a partnership with the digital payment gateway Flexa.
According to an official press release shared by Flexa, the partnership will allow Salvadorans to use a variety of Bitcoin-related services such as loans, credit cards, merchant goods and services, whether they choose Bitcoin or dollars.
The use of Bitcoin in El Salvador has yet to get off to the best start. However, financial institutions have done their best to act in accordance with the regulations. Since Bitcoin operates outside of a banking structure, the government has created a crypto wallet and users who download the app are entitled to $ 30 in BTC.
Bancoagrícola goes even further by offering Bitcoin compatibility in its points of sale without the need to use a Chivo Wallet.
Titan Bank is a subsidiary of leading Colombian bank Bancolombia (NYSE: CIB), which is working to integrate US-regulated crypto exchange Gemini to provide similar services.
COO de Bancoagrícola, Carlos Mauricio Novoa, said they are excited about the potential and hope to continue to develop their services in the new economic era.
We are delighted to be the first financial institution in El Salvador to authorize access to Bitcoin for our customers throughout our set of financial products and improve financial inclusion. Flexa was fundamental to help us prioritize the experiences of our customers using Bitcoin as legal competition in El Salvador; We look forward to continuing to innovate next to them for a long time.
Salvadorians will have full compatibility with Bitcointofiat even if they use a third-party wallet in addition to the government-sensitive Chivo wallet