Salvadorian blockchain experts form Bitcoin alliance to enhance adoption


TL;DR Breakdown

  • Blockchain experts form alliance for easy BTC adoption in El Salvador.
  • Alliance to merge traditional and decentralized industry.

One month after Bitcoin law in El Salvador, leaders in the blockchain space have formed an alliance. They came together to enable easy access to banking solutions and financial inclusion for all Salvadorians as they continue integrating digital payments into everyday life.

The Bitcoin Alliance comprises Banco Hipotecario, TESOBE ( behind the Open Bank Project), API3, and Qredo. Sovryn, another member, will join to facilitate a smooth adoption of BTC, ensuring citizens and national infrastructure can reap the benefits of Bitcoin-native DeFi products such as lending, trading, and BTC backed-stablecoins.

The alliance group will accelerate the democratization of Bitcoin electronic payment and support El Salvador’s larger financial framework. The group is also dedicated to promoting a smooth and effective integration of Bitcoin as legal tender.

The BTC phenomenon is propagating across Latin America. By leveraging Qredo’s revolutionary crypto infrastructure, which is entirely compatible with the Bitcoin Lightning Network used in El Salvador, combined with Sovryn’s ability to build on bitcoin, TESOBE’s APIs, and API3’s Airnode, this alliance will support El Salvador’s seamless transition into a crypto-friendly financial services system.

Bitcoin alliance to merge traditional and decentralized industries

With crypto firm like API3 coming onboard with Banco Hipotecario through its Open Bank reflects how both industries could build a bridge of cooperation and enhance integration among both sides.

Both firm’s 10-year partnership has set major ambitions to merge traditional and decentralized industries.

Reacting, Celina Padilla, president of Bank Hipotecario de El Salvador, said, “This alliance is a great opportunity for El Salvador to create new financial products that support the needs of our Salvadoran citizens.” “We are closer than ever to achieving true financial inclusion, and I am proud that Banco Hipotecario is the first bank at the national level to carry out this type of alliance. Now everyone has their eyes on our country and on our bank.”

“API3 is incredibly excited to announce this alliance, and we can’t wait to see the synergies between these leading technologies in action. As the world’s financial system is modernized, we will help build a foundation for the future of digital banking that can easily be adapted to fit the needs of those who will benefit from it most,” says Heikki Vänttinen, Co-Founder at API3.

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Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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