Towerbank will combat crypto-related scams and aid the development of Panama's crypto industry.
According to the official statement posted on Twitter, Towerbank, one of the most significant banking institutions in Panama, announced that it would start accepting Bitcoin (BTC). This means that from now on, residents will be able to open up their crypto accounts and freely carry out financial transactions from or to cryptocurrency trading platforms without any obstacles. VP of Towerbank Gabriel Campa additionally stated:
“They will not suffer blockages, closures or other setbacks that Panamanian citizens usually report from banking when they carry out operations with cryptocurrencies.”
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Towerbank is the first-ever bank in Latin America that carried out such an initiative.
Moreover, the CEO of LatAmTech Finance Cristobal Pereira stated that the financial institution is crypto-friendly and welcomes various traders to “come to open accounts and deposit withdrawals from exchanges without fear.”
Secretary-General of the Chamber of Digital Commerce and Blockchain of Panama Rodrigo Icaza also implied that Towerbank will have a crucial role in curbing cryptocurrencies-related frauds and cyber attacks, as well as supporting the crypto market's development in Panama.
On top of that, the banking institution also takes great responsibility to ensure that their customers are protected. Thus, “due to the financial risk that the use of cryptocurrencies in the banking sector may represent, customers are required to notify the bank of the addresses they use to trade crypto assets,” the bank noted.
As reported in the official statement, Towerbank will not support crypto-to-crypto services and residents in the country won't be able to carry out crypto-related operations that exceed the $5000 mark per month. However, the banking institution highlights that traders will have the ability to easily switch fiat currencies and other service providers via Towerbank.
In fact, there are rumors spreading that the top 30 bank in Panama will enable a feature that will allow its users to connect their crypto accounts, such as Binance, to their Towerbank accounts.
Towerbank is a Panama-based financial institution that has more than 40 years of experience in the business with over 200 employees.
In other news, the biggest fintech bank in Brazil dubbed Nubank joined forces with blockchain platform Paxos to offer the bank’s clients the ability to purchase and sell various crypto, including Bitcoin (BTC) and Ethereum (ETH).
Likewise, New York-based BNY Mellon announced that it will offer its institutional clients an opportunity to hold digital assets such as Bitcoin (BTC) and Ethereum (BTC).
