Athena Bitcoin Plans Lightning Network Integration for Crypto ATMs
Athena Bitcoin, the company that operates a chain of crypto ATMs in El Salvador, has announced plans to integrate the Lightning Network into 100 of these machines in the next few months. This move comes as part of a partnership between Athena Bitcoin Global and Genesis Coin, which have enabled the use of Lightning Network technology across their infrastructure.
The Lightning Network is a layer-2 payment protocol designed to facilitate faster withdrawals and reduce transaction fees. It also aims to minimize the recording of transaction data in the main network’s accounting. Currently, only 3.7% of the world’s crypto ATMs support this technology, according to Coin ATM Radar.
Rollout Plan and Political Context
Athena intends to implement Lightning support at 100 state-owned Chivo ATMs in El Salvador by December 2023, with plans to extend this support to the remaining kiosks, including Athena-branded ones, by Q1 2024. The country’s president, Nayib Bukele, recently announced his intention to run for reelection in 2024 after making Bitcoin legal tender in 2021.
Bukele has also made significant moves to eliminate taxes on technology innovations, which could attract more entrepreneurs and foreign capital to El Salvador. Some experts believe that the country has the potential to become a financial center in the Americas.
Hot Take: Lightning Network Integration Accelerates Adoption
The integration of the Lightning Network into crypto ATMs in El Salvador represents a significant step forward in accelerating the adoption of this technology. By reducing transaction fees and enabling faster withdrawals, this move could pave the way for broader acceptance of cryptocurrencies in everyday transactions. Furthermore, President Bukele’s pro-innovation policies create an attractive environment for entrepreneurs and investors, positioning El Salvador as a potential financial hub in the region.
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