Panamanian bank Towerbank is 'Bitcoin-friendly', will support crypto services

The pace of cryptocurrency adoption in Panama is accelerating. Towerbank, a Panamanian financial institution with more than 200 employees and 40 years of banking experience, has announced support for Bitcoin, paving the way for encrypted accounts.

At a blockchain conference in Panama City, the capital of Panama, a series of tweets and messages revealed that the bank opened its doors to the crypto community. At a blockchain conference on May 26, representatives from Towerbank invited cryptocurrency enthusiasts to open accounts with the bank.

Gabriel Campa, Towerbank’s vice president of product, reportedly said that crypto customers will not experience the “frustration” that Panamanian citizens typically experience when performing crypto activities at the bank.

Cristobal Pereira, executive director of the Latam Blockchain Summit and attendee of the Towerbank and Campa conferences, said: "Towerbank is crypto-friendly." Deposit Withdrawal".

On May 28, Towerbank's official Twitter account shared: "Hello, crypto community!", confirming rumors that the 30th-ranked Panamanian bank is favoring Latin American cryptocurrency enthusiasts.

Crypto-related transactions are reportedly capped at $5,000 per month, and the bank does not offer direct crypto-to-crypto services. So far, the move is a hint to the crypto community that digital assets below a certain amount can be spent at the bank without hindrance.

Since then, Towerbank has retweeted a few hints that customers will be able to link their cryptocurrency accounts (like Binance) directly to Towerbank bank accounts, but has issued no official announcement.

There has been a wave of pro-cryptocurrency sentiment in Panama, but the country’s president announced in May that a crypto bill would not be enacted any time soon. In the eyes of some commentators, the bank's move to support cryptocurrencies is not only an attempt to destroy the bad reputation that cryptocurrencies have suffered, but also to diversify its customer base and expand into the currency-oriented cryptocurrency community.

Finally, the bank proved its support for Bitcoin when its Twitter account retweeted a meme created by Bitcoin holder Aldo Antinori. Images in the tweet show Towerbank's main building in Panama City's financial district wearing retinoids for bitcoin.

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