Home Crypto Events Cryptocurrency Developments in Latin America: Unlicensed Exchanges Thrive in Brazil, Lightning Network Hits Salvadoran ATMs, Trubit’s Funding Boosts Crypto Adoption

Cryptocurrency Developments in Latin America: Unlicensed Exchanges Thrive in Brazil, Lightning Network Hits Salvadoran ATMs, Trubit’s Funding Boosts Crypto Adoption

Latin America crypto news

In the ever-evolving landscape of Latin America’s financial sphere, the recent developments in the crypto world stand out prominently. From Brazil’s nuanced approach to unlicensed exchanges to Salvadoran Bitcoin ATMs embracing Lightning Network, the region is witnessing a dynamic shift in its crypto ecosystem. Additionally, Trubit’s significant funding is set to fuel crypto adoption across Latin America.

Brazil’s Cryptocurrency Scene and Unlicensed Exchanges

Amidst the evolving crypto regulations in Brazil, the Central Bank’s recent announcement turned heads. In a clarifying statement, it was revealed that unlicensed exchanges still have room to operate without prior authorization. The bank indicated that while formal guidelines for virtual asset service providers (VASPs) are in the pipeline, there’s a period allowing crypto platforms to function sans licensing hurdles. This unique stance emphasizes a transitional phase while awaiting comprehensive regulatory norms.

João André Calvino Marques Pereira, leading the financial system regulation department, underscored this interim arrangement. He affirmed that until the official normative act takes effect, virtual asset service providers can continue operations without seeking approval from the Central Bank of Brazil. This approach exhibits a nuanced balance between fostering innovation and imminent regulatory frameworks.

Lightning Strikes Salvadoran Bitcoin ATMs

In a transformative move for El Salvador’s Bitcoin ecosystem, the country’s Chivo network is set to integrate Lightning Network support into its ATMs. Matias Goldenhorn, CEO of Athena Bitcoin, the provider of these ATMs, disclosed plans to have 100 Bitcoin ATMs supporting Lightning Network transactions by year-end.

Matias Goldenhorn, CEO of Athena Bitcoin, revealed plans to introduce LN support in a phased manner, acknowledging that the comprehensive integration across all Bitcoin ATMs in El Salvador may extend for an additional two to three months. This initiative marks a significant stride, allowing Salvadoran users to leverage LN’s cost-efficiency and enhanced transactional privacy, diverging from conventional Bitcoin blockchain record-keeping.

However, Goldenhorn acknowledged the time-intensive nature of this integration, indicating a timeline of two to three months for Athena to implement Lightning Network support across all Bitcoin ATMs in El Salvador. Remarkably, this pioneering step offers Salvadoran users access to Lightning Network’s benefits, including reduced fees and enhanced transactional privacy by avoiding registration on the Bitcoin blockchain.

The global scarcity of Bitcoin ATMs featuring Lightning Network integration makes Athena’s move a trailblazing initiative in revolutionizing financial accessibility for Salvadorans. Notably, this step forward aligns with El Salvador’s progressive stance on Bitcoin adoption.

Trubit’s $6.25M Push for Crypto Adoption in Latin America

Galactic Holdings, the parent company of Trubit, a burgeoning cryptocurrency exchange platform, secured a notable $6.25 million in a Series A funding round. Spearheaded by Galaxy Interactive and Dragonfly, this funding injection propels Trubit’s expansion plans, particularly focusing on bolstering payment services for both retail and institutional clientele across Latin America.

 

Expressing gratitude towards the investors, Maggie Wu, the co-founder and CEO of Trubit, articulated the company’s commitment to furthering its presence across multiple Latin American nations. Emphasizing accessibility, Wu reiterated the aim to integrate cryptocurrency services seamlessly into everyday necessities, simplifying and enhancing convenience for all.

In summary, the crypto landscape in Latin America is undergoing a transformative wave. Brazil’s nuanced approach to unlicensed exchanges, the integration of Lightning Network in Salvadoran Bitcoin ATMs, and Trubit’s significant funding signal a promising shift towards wider crypto adoption in the region.

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Pankaj K

Pankaj is a skilled engineer with a passion for cryptocurrencies and blockchain technology. With over five years of experience in digital marketing, Pankaj is also an avid investor and trader in the crypto sphere. As a devoted fan of the Klever ecosystem, he strongly advocates for its innovative solutions and user-friendly wallet, while continuing to appreciate the Cardano project. Like my work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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