Santo Blockchain Purchases 50 Bitcoin ATMs

Santo Blockchain, a vertically integrated blockchain and cryptocurrency development company, announced that it has purchased 50 Bitcoin ATMs, which will be shipped to the company's office in the Republic of Panama by the end of Q1 2022.

According to the press release, the company plans to purchase 300 Bitcoin ATM machines during 2022 with an investment of over $1,000,000USD. Santo Pay de Panama, a subsidiary of the company, will be developing a multinational rollout plan for Panama, Colombia and Costa Rica.

"2022 will be a non-stop year of growth for Santo, as I personally plan for the companies' 2022-year workload schedule. Santo is on a journey to help bring a new wave of crypto banking, investment and commerce to over 400,000,000 people in Latin America that are unbanked or unbankable, including 10%-15% of the Hispanics in the USA that also are unbankable,”Frank Yglesias, the CEO of Santo, said.

Panama has become an increasingly crypto-friendly jurisdiction. In September, a new bill was drafted to recognize BTC as an alternative payment method, possibly enabling greater freedoms in Panama when using crypto.

With growing adoption, the demand for BTC ATMs has increased significantly this year. Santo aims to take advantage of the increasing demand for Bitcoin ATMs to increase its global presence.

As detailed in its financial report for the third quarter in 2021, Santo Blockchain generated $673,031 net income for the period and has a total asset up from $270,216 in year-end Dec 2020 to $654,577 as of Q3 2021.