-
Towerbank is a bank that defines itself as “crypto friendly”.
-
During the COVID-19 pandemic, Towerbank detected its clients’ interest in cryptocurrencies.
In a world where Bitcoin (BTC) and cryptocurrencies have gone from a niche cypherpunk experiment to a multi-billion dollar industry, the arrival of regulation seems inevitable.
This was reflected by Johan Hernández, business executive of the ‘crypto friendly’ area of the Panamanian bank Towerbank, who was interviewed by CriptoNoticias during his participation in the most recent edition of LaBitconf in Buenos Aires. Hernández talked about various issues related to the digital asset industry.
Since its founding more than half a century ago, TowerBank has evolved to adapt to the changing needs of the financial market. With the introduction of products such as the ‘crypto friendly’ account, The bank has incorporated a bridge between the cryptocurrencies and the fiat worldfacilitating conversion operations and offering innovative services such as trust for the custody of cryptocurrencies.
The 2020-2021 pandemic marked a turning point for TowerBank. Hernández told how they discovered that many of their clients used the bank’s services to acquire cryptocurrencies. This led them to become more deeply involved with the community, culminating in the creation of specific products to satisfy these needs.
“We simply said that if you are someone who is with cryptocurrencies you can openly come to the bank,” Hernández explained about the initial philosophy that prompted the bank to declare itself crypto friendly.
TowerBank has also innovated with platforms like Ikigii. This application seeks to integrate the visibility of dollars and cryptocurrencies in a single interface, simplifying the interaction between these two financial universes.
CriptoNoticias has also published a interview with Daniel Campaanother Towerbank executive, which provides further details about Ikigii.
Preview of the Ikigii app, published on the Towerbank website. Source: Towerbank.
“Does Towerbank plan to open Cryptocurrency ATMs?” CriptoNoticias asked the executive. The answer was negative and he gave his reasons: «It is not something that is on the roadmap, because in the end we are a bank. You have a bank account with a card, so you have dollars in your account and you go to the ATM and take them out. And the bank already has a huge ATM network.
Regarding the relationship between cryptocurrencies and the State, Hernández acknowledged that although Digital assets are not yet regulated in Panamathe bank works closely with regulators to prepare for any eventuality.
«We know that regulation is going to arrive at some point. The reality today is that they are not prohibited and by definition what is not prohibited is allowed,” said Hernández, underlining the importance of proactive collaboration with the authorities to ensure that their services comply with future regulations and current legislation.
The relationship between cryptocurrencies and the traditional banking system has changed significantly in recent years. While some sectors may still view banks and cryptocurrencies as conflicting entities, Towerbank is an example of how these two forces can coexist and complement each other.
“We have clients who are very bitcoiners and who in the end need a connection in some way or another with the fiat world,” commented Hernández, highlighting the diversity of needs within the cryptocurrency community.
Towerbankalthough it is based in Panama, has taken its proposal beyond bordersespecially in regions where economic instability makes the dollar, cryptocurrencies and stablecoins attractive as alternatives to the national currency.
In countries like Argentina, Colombia and Venezuela, where devaluation is a persistent problem, many look to cryptocurrencies as a safe haven for their capital. Hernández explained that the functionality of converting USDT to dollars is particularly valuable in these contexts, offering a bridge to financial stability.
That is precisely the reason for Towerbank’s presence at a bitcoiner event held in Buenos Aires, Argentina. Hernandez explains:
«The reason we came to LABITCONF precisely is to communicate our value proposition to the crypto community. We know that this is the most important event, the most important Latam cryptocurrency event for many years, is soon to be launched. So we came to communicate what our value proposition was.”
Johan Hernández, Towerbank executive.
And what is the Panamanian who buys cryptocurrencies looking for, taking into account that the legal tender there is the US dollar? Hernández explains that they enter this world looking to invest, looking to generate a profit. “If a Panamanian invests in bitcoin, it is generally to buy for the long term.”
By way of conclusion, Hernández emphasizes education in relation to finances and cryptocurrencies. “I always say that people who want to enter this world have to educate themselves before making their first investment or whatever,” he explains.
The Towerbank executive adds that it is necessary to use cryptocurrency services (both those provided by the bank and those of any other company) responsibly:
«We know that there are many scams in the ecosystem, we must be careful. All of this is cured with education. I am a believer that if you educate yourself, the sky is the limit. You lose fear, you avoid losing. In the end, each person’s money is important. The little, much money they have to invest. The ideal is that before buying any cryptocurrency, whatever, they educate themselves so that they can see the entire panorama that exists and not lose their money in a transaction.
Johan Hernández, Towerbank executive.
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
