Athena Bitcoin is preparing to integrate the Lightning Network into a hundred of its machines in the coming months.
Operating a government-affiliated network of digital currency ATMs in El Salvador, the company strategically plans to seamlessly incorporate the Lightning Network into a significant 100 of these machines in the near future.
However, On November 7, a communication was disseminated, revealing that Athena Bitcoin Global, in collaboration with Genesis Coin, has successfully implemented the integration of Lightning Network technology.
Furthermore, the first phase of deployment is scheduled for El Salvador, with subsequent plans for expansion across the entirety of Latin America.
Lightning Network Revolution: Athena’s Upgrade for El Salvador’s Crypto ATMs
Notably, the Lightning Network, a second-tier payment protocol, facilitates expeditious fund withdrawals and curtails transactional levies. Additionally, it sidesteps the recording of transactional data within the main network’s accounting structure. Consequently, a mere 3.7% of the globe’s cryptocurrency ATMs, as per Coin ATM Radar, presently support this avant-garde technology.
Furthermore, Athena aims to shift towards Lightning Network compatibility for a significant portion of the government-backed Chivo ATMs operating in El Salvador by the end of December 2023.
The remaining kiosks, including those branded under Athena, will seamlessly adopt this upgrade in the first quarter of 2024. Currently, there are a total of 215 existing crypto teller machines in El Salvador.
Bitcoin, Leadership, and Innovation: El Salvador’s Evolution on the Global Stage
Nayib Bukele, the visionary leader who elevated Bitcoin to legal tender status in 2021, has recently announced his candidacy for reelection in the upcoming 2024 presidential race. Speaking to a multitude of Salvadorans, Bukele passionately expressed,
“Five more [years], five more and not one step back.”
In a bold move in April 2023, Bukele took decisive action by abolishing all taxes on technological innovations. This strategic decision, with a clear intention in mind, aimed at enticing more entrepreneurs and foreign capital. The objective was to encourage their contribution to the enhancement of the nation’s landscape.
Certain pundits, including Gabor Gurbacs, a strategic consultant at the investment management entity VanEck, posit that El Salvador has the potential to follow in the footsteps of Singapore. They believe the nation could evolve into a preeminent financial hub within the Americas.