Cryptobank could bring $6 billion in bitcoin to El Salvador

Bank to the Future, a global online platform that allows qualified entities to invest in financial innovation, including FinTech companies, funds, and other new alternative financial products, has taken firm steps to establish operations in the country.

According to El Salvador’s ambassador to the United States, Milena Mayorga, the financial firm has begun a process to establish itself legally in the country, and is currently waiting to obtain permits and licenses.

«The company has a presence in other places, but they are interested in operating in El Salvador because of the stability that the country provides. When they have all the licenses, they already have a law firm that is helping them with the registration of their company and hiring personnel,» Mayorga highlighted.

The CEO of the company, Simon Dixon, visited the territory at the beginning of the year with other crypto investors such as Max Keizer. On that occasion, Dixon and Keiser mentioned the possibility of creating a kind of «Wall Street» in El Salvador, a space similar to New York that concentrates banks and stock market institutions, with the difference that the country’s would be based on bitcoin.

That vision would begin with the installation of Bank to the Future, which would bring to the country’s market a capital of more than $6,000 million in bitcoin, according to Ambassador Mayorga.

The financial firm could establish in El Salvador the hub of its operations for Latin America by the end of the year. That would allow an investment portfolio of major crypto companies such as Bitfinex, Kraken, Coinbase, and Bitstamp, among others, to be managed from the territory.

«When all these steps are taken, it is expected that by the end of the year they will already be operating and bringing that capital. In addition, the fact that a bank like this comes to the country opens the opportunity for investors who work through bitcoin to carry out activities in the country,» added the diplomat.

More investment opportunities

According to the Salvadoran ambassador to the US, another company seeking to invest in El Salvador is INVEST SAUDI, a Saudi Arabian project facilitator.

«Saudi Arabia wants to invest in Latin America, and they highlighted that El Salvador is of great interest to them. They are evaluating where to invest socially, but also where to promote commercial exchange », she stressed.

On the other hand, Mayorga affirms that he has held conversations with representatives of companies such as Tesla, to which a report will be presented on the capacity that El Salvador has to produce some automobile parts.

Likewise, the diplomat explained that with SpaceX, «there has been enough technical progress so that they can establish Starlink in the country, and that El Salvador be included in the list of countries that enjoy satellite internet.»

Lastly, she mentioned that next month she has scheduled a business tour in Utah, where new opportunities for Salvadorans will be explored.