DeFi on Bitcoin lands in El Salvador to accelerate BTC adoption

Key facts

:

  • A conglomerate of eight startups arrives to promote decentralization.

  • They will conduct trainings in Sonsonate, El Zonte and the pink zone of San Salvador.

Bitcoin (BTC) adoption in El Salvador is becoming increasingly relevant. An alliance of eight startups

, including Bitcoin smart contract side-chain RSK, is promoting the “BitCentenario” campaign. The initiative encourages the use of decentralized finance (DeFi) that works with BTC as the main blockchain.

“BitCentenario” includes training workshops and training on Bitcoin and DeFi in various areas of the country such as Sonsonate, El Zonte and the pink zone of San Salvador. In fact, the first of these meetings was held

this Thursday, September 9 with the participation of local cryptocurrency enthusiasts.

The companies that are part of the project are: RSK

, Kripton Market, Money On Chain, Beexo, Defiant, Ascav, Procom and Tropykus. According to a press release issued by the organizers, the proposal aims to address the most general aspects of bitcoin and the tools for users to operate in a simple and clear way, without third-party control.

“BitCentenario seeks to create a network of services for bitcoin users in El Salvador. That is, people can perform everyday operations such as sending money, paying utilities or even to pay in stores using QR codes,” explained Juan Pablo Moreno, CEO of Kripton Market, a marketplace and payment processor.

According to the organizers, more than 500 commercial establishments in the country are already being trained to process bitcoin payments. To this training process promoted by the local Salvadoran authorities, will be added the “BitCentenario

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” campaign that will have its meetings every Thursday from 18:30 local time. talleres-capacitacipon-uso-bitcoin-bitcentenary-el-salvador talleres-capacitacipon-uso-bitcoin-bitcentenary-el-salvador The training talletes promoted by BitCentenario began this Thursday, September 9, El Salvador. Source: @Bitcentenary / Twitter.

DeFi and Bitcoin in El Salvador

Decentralized finance applications are usually related to the <a href=”http

.s://www.criptonoticias.com/criptopedia/que-es-ethereum-eth/” target=”_blank” rel=”noopener”>Ethereum network, for example. This allows developers to build solutions such as digital tokens, smart contracts, decentralized applications and even decentralized autonomous organizations (DAO).

Although El Salvador passed a Bitcoin Law and not an “Ethereum Law” or “Cryptocurrency Law”, the startups that make up the “BitCentenario” project offer decentralized services that run on RSK, a smart contract platform on Bitcoin. This sidechain runs in parallel, but is independent and has additional functions.

Last Tuesday, September 7, the Central American country became the first to officialize BTC as legal tender, a fact reported by CriptoNoticias. Other nations in the region such as Paraguay, Uruguay or Panama, also advance legislation to give recognition to Bitcoin, although not as a national currency.