Hipotecario Bank in El Salvador partners with 4 companies to promote Blockchain products

Forced adoption of Bitcoin Bitcoin As legal currency in El Salvador The Salvador, The domestic financial system to adapt and make some changes.

El Salvador's national commercial bank, Hipotecario Banco, has started working with four companies that intend to develop blockchain products that they say will increase the financial inclusion of the bank's clients.

The bank began working with a consortium formed by TESOBE, the company behind the Open Bank project, as well as the decentralized independent organization API3, which provides data for blockchain-based smart contracts.

This alliance also includes Credo Qredo For infrastructure decentralized digital asset management, decentralized bitcoin trading and lending platform, Sovereign Sovryn.

The views of the four companies on the alliance with the Central Bank of El Salvador

The head of open banking services at API3, Robert Rico Robert Rico He stated that El Salvador's central bank and government officials were part of the exploratory talks:

“We are working with the bank to determine what kind of steps need to be taken so that we can bring our technologies together. There is no estimated release date for any product yet.”

While the operations manager in Credo، Josh Goodbody Products can be linked to bitcoin payments, bitcoins on balance sheets, or personal wallets.

The co-founder of Sovereign, Aidan Yago Edan Yago There could be sponsorship products with the ability to provide information from the bank, he said.

This is through the company API3 to Blockchain and vice versa, in addition to developing Bitcoin-backed stable coin lending and trading services.

According to the announcement, Credo's decentralized insurance infrastructure will help bitcoin banking in El Salvador, while it said It will provide infrastructure:

“In order to enable traditional banks to offer Bitcoin-native DiFi products, such as lending, and exchange Bitcoin-backed stable coins to customers.”

while he added The feedback from the bank has been very positive, and according to the two companies, the alliance is working so far with the bank Hibioticario Only, he said Rico:

“Bitcoin law is very broad because it allows people to either accept it or accept US dollars, and we want to make sure that we help with that process as much as possible.”

On the other hand, Simon Redfern, CEO of Tisubi Corporation and founder of the Open Bank Project, said: Simon Redfern In a statement:

“Shared technologies will help Hibucario Bank to provide more transparent and inclusive financial services to Salvadorans, especially the non-bank segment of the population.”

He also said that the joint effort will remove many of the doubts between El Salvador and the advantages of adopting cryptocurrency, as Banco Hippocario de El Salvador is one of the country's four state-owned banks.

Together with Banco de Fomento Agropequario Agricultural Development Bank The Bank de Desarolo de El Salvador Development Bank of El Salvador

And Central Reserve Bank of El Salvador Central Reserve Bank, which does not issue its own currency, but rather uses Bitcoin and the US dollar as legal tender.

The president of the Bank of Hypoticario de El Salvador, Selena Padilla, said: Celina Padilla In a statement:

“This alliance is a great opportunity for El Salvador to create new financial products that support the needs of our El Salvadorans.”