On October 12, CoinCorner, a Bitcoin exchange firm, announced the launch of its shop in El Salvador, to offer Bitcoin and lightning services. The company aims to improve the efficiency and accessibility of Bitcoin payments via Bolt Card, its contactless Bitcoin Lightning card.
CoinCorner stated in the blog post, “From today, citizens of El Salvador can open an account and use the complete range of Bitcoin and Lighting services offered by CoinCorner. Users from El Salvador will also have access to USDT on the platform, along with full functionality of the Bolt Card.”
The utilisation of the Bolt card in the country would drive Bitcoin adoption growth. It’s a big deal for El Salvador because people there won’t even have to open the Chivo Wallet.
Apart from the El Salvador citizen, it is a huge opportunity for CoinCorner as well, as CoinCorner is getting a completely new market to expand its market.
Danny Scott, CoinCorner CEO said, “The Bolt Card is a cheap, simple-to-use, offer offline solution for Bitcoin Lightning payments, and we are hopeful that it can solve the reports of a bad Bitcoin user experience in El Salvador.”
CoinCorner has to onboard businesses one at a time for The Bolt Card to be successful in The Isle of Man. They have a partner in the Guatemalan firm IBEX Mercado in El Salvador. Additionally, IBEX has been promoting the use of bitcoin ever since El Salvador’s Bitcoin Law came into effect.
“The Bolt Card will soon work with any corporation in El Salvador that accepts IBEX Pay thanks to CoinCorner’s collaboration with IBEX, the provider of Lightning infrastructure services, to bring NFC compatibility to the IBEX Pay platform as part of the expansion.”
Danny Scott describes the Bolt Card as, “an offline NFC (contactless) card “tapped” the Lightning-enabled POS system, which demanded the necessary payment. My CoinCorner account seized my GBP, converted it into BTC, and immediately transmitted BTC over Lightning to the retailer, rapidly settling the transaction.”
Scott further added, “The Bolt Card is compatible with other Lightning wallets and gateways, so it will function at any company that utilizes an NFC-enabled wallet or gateway.” “Some things just make perfect sense,” IBEX tweeted in response. IBEX x CoinCorner enabling global NFC bitcoin payments.
According to a recent article of Bitcoin Magazine, a British bitcoiner visited the Isle of Man recently to see if people there could currently survive on the bitcoin standard.
After witnessing the situation, a British bitcoiner said, “After a Timeout quick lunch, it became quite evident that visiting this British Isle solely with bitcoins is simple. Little surprise: With only 86,000 people and dozens of stores that accept Sats, the island is much friendlier to Bitcoiners than the mainland.”
Nevertheless, the Bolt Card and the company undoubtedly helped the firm to grow. Additionally, CoinCorner will considerably aid in El Salvador’s adoption of bitcoin.
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