El Salvador officially became the first country in history to consider Bitcoin as legal tender in June. Now the RSK-Integrated Kripton Market is taking Bitcoin to the next level in El Salvador.
Following that revolutionary step, recent news revealed that Rootstock – a Bitcoin-powered smart contract will bring the major currency to 700 stores across El Salvador.
Rootstock is a two-way sidechain peg solution for the main Bitcoin blockchain network that is currently in development.
With the rise of sidechain solutions, it has become increasingly common to address some of the fundamental flaws of the Bitcoin platform without having to completely reorganize the network’s infrastructure.
More Ways to Use Bitcoin in El Salvador
The buying and selling activities will take place on Rootstock-integrated Kripton Market.
Up until the present, there were150 retailers signed up to test Kripton Market, and an additional 564 retailers will be included as part of a deal with Procom and Innovacion y Desarrollo to incorporate Kripton Market into their software upgrade.
Bitcoin’s use in El Salvador will grow as more people use it for sending money, paying for products and services, QR code payments and doorstep deliveries.
Almost Guaranteed to Boost the Market
The adoption of the digital currency has turned into a promising development in the economy, investment, tourism,and commerce of the American nation. El Salvador has become a place of interest for international investors.
It is a significant step for El Salvador to embrace, accept Bitcoin as legal tender. This opens the door to new opportunities for service providers who want to make a significant difference by effectively utilizing Bitcoin’s connectivity to do so.
Backed by Rootstock high end technology, the decentralized marketplace Kripton Market represents a workable approach.
The platform is open to everyone, which means that anyone can sell goods and services to Bitcoin users all throughout El Salvador on this online marketplace.
Every business that partners with the Kripton Market has a large network of associates, which results in a trickle-down effect for the Kripton Market. In other words, not only do businesses generate benefits but customers can gain positive effects.
Additionally, apart from 700 stores that have been reached directly as well as through Procom and Innovacion y Desarrollo. Bitcoin will be used all over the nation with this system.
Many Companies are Involved
Kripton has reached a preliminary agreement with 29 cooperatives including Acomi, Comedica, Acofinges, and Bancovi.
Collectively these companies have a network of over 509,000 associates and are evaluating the platform, confirming the existence of a large market to tap into.
The participating stores may be found in the following cities: San Salvador, La Union, Cabaas, San Miguel, Ahuachapan, Juayua, La Libertad, Morazan, and San Vicente.
In addition to creating a marketplace that well implements the use of Bitcoin, the project also aims to educate merchants and the general public in El Salvador.
Making the most of this new form of money in the country is made easier and more accessible with solutions developed on the RSK technology platform.
A Well Designed System
The El Salvador project will integrate the following RSK-based solutions:
- Money On Chain: Bitcoin-supported financial technology that enables daily use of operations.
- Beexo: a non-custodial wallet empowering user’s transactional activities, compatible with credit card purchases.
- Defiant: a non-custodial wallet specializing in decentralized stablecoins that are interoperable with Bitcoin, RSK, and Ethereum while also enabling trading functionality based on geolocation.
- Tropykus Finance: the decentralized finance solution serves as a bridge that links the Bitcoin community with citizens, making financial products and services more accessible. It also offers low-interest loans.
A number of conferences and training sessions will be held around El Salvador with the aid of these partners.
Education on Bitcoin and RSK’s accessibility features is expected to lay the groundwork for increased cryptocurrency use in the future.