Head of Digital Assets at Tower Bank International Inc. Gabriel CampaI spoke with Canal E and explained how a banking wallet works in Panama that allows you to work with dollars and crypto assets.
Gabriel Campa defined the main concept of the service: “We are a traditional bank in Panama, regulated in Panama. Panama has the advantage of dollarization, what we did It is to build a bridge between the traditional world and the crypto world“.
Virtual wallet that allows you to convert dollars into cryptocurrencies and vice versa
Likewise, he explained that the user has one account in his name, connected to a cryptocurrency wallet from the bank: “You are allowed Convert crypto to dollars and dollars to crypto And always in your name.” In addition, he added, the account allows international transfers, local operations in Panama and the use of a Visa debit card. “And that’s what we built; Like a traditional seat or bridge“, Detained.
Regarding the personal process, Campa emphasized: “You can withdraw At any ATM around the worldbut you can ideally withdraw money from an ATM anywhere in the world.” However, he recommended preferring card payment: “Obviously It is best to pay at the point of sale with your discount visa Instead of withdrawing money from ATMs.
What points should be considered regarding maintenance
Concerning the costs of the account, he said: “The account It doesn’t have any maintenanceHe highlighted the bank’s philosophy: “We work hard To reduce those costs and eliminate unnecessary costsThis is the direction things are going, this is what fintechs do well, and now banks have to do it.
The interviewee commented that the system operates like a fully functioning traditional bank account: “You have complete freedom To send money wherever you want to send it.” He also highlighted the focus on the mobile experience: “We’ve brought it to the app“I would prefer a thousand times to use an app before using a web page.”
On the other hand, he explained that there is no minimum balance or complicated restrictions: “You do not have to maintain a minimum balance in the account and The account is opened with $100He then stated that the entire process is in line with international standards: “Ultimately, this is a person’s financial profile; All transactions should make sense based on what the person earns“.