Towerbank, a Panamanian bank, reported in a series of memes and tweets that it had opened its doors to Bitcoin and other cryptos.
Towerbank Opens for Crypto, Targets Simplifying Transactions
Panama is stepping up its effort toward crypto adoption. Towerbank, a financial institution in Panama with over 200 staff and 40 years of banking experience, has declared itself Bitcoin friendly, clearing the way for clients to open crypto accounts.
In a series of leaks and tweets showing a meetup in Panama’s capital, Panama City, the bank is opening the doors wide for the crypto community. During the meetup, which was hosted by the Chamber of Digital Commerce and Blockchain of Panama on 26th May 2022, representatives from Towerbank were inviting enthusiasts to open accounts at the institution.
Gabriel Campa, the vice president of the Towerbank, is reported to have indicated that clients would not experience the setback that ordinary citizens would when executing crypto-related activities.
On his part, Chrisobal Pareira, the executive director of the Latam Blockchain Summit, who also attended the meetup with Campa and Towerbank, said that Towerbank is crypto-friendly. He added that crypto enthusiasts are now free to open accounts, deposit, and withdraw from exchanges without any fear.
Top 30 Panamanian Bank confirmed that it had added cryptos into its portfolio with a tweet saying, “Hello crypto community!” This tweet has since been pinned to the bank’s profile.
Crypto-related transactions on the bank are limited to USD5,000 per month, and the bank is not processing them directly. The move is a signal to the crypto community that it is okay to use digital assets up to a certain level without limitations.
Towernbank tweets suggest that customers will be able to link their crypto accounts to exchanges, such as Binance. The country’s administration has already indicated it is working on legislation for digital assets, but it might take some time.