The centre will also be home to the Built With Bitcoin Foundation offices, hosting events and meet-ups, built to grow awareness around the benefits of buying and selling Bitcoin as a means of exchange for the Latin America (LATAM) community.
Coin Rivet spoke with Will Hernandez, director of LATAM Growth at Paxful who stressed last year showed 300% growth in the number of users in El Salvador.
“What we’re witnessing is a moment of transformation in El Salvador where peer-to-peer platforms are driving adoption in emerging markets and as a people-powered platform, we understand that education is crucial to the next wave of adoption,” Hernandez said.
He added the centre would “provide education, accessibility and opportunity to a population that has been ignored by traditional finance, and demonstrate the real world benefits of Bitcoin to emerging markets.”
Hernandez also mentioned the biggest hurdle to Bitcoin mass adoption in emerging markets like El Salvador was education.
“Paxful believes in giving every individual the opportunity for financial freedom so, La Casa Del Bitcoin is our effort towards closing this education gap and educating the community about Bitcoin and its many use cases,” he added.
He explained the centre was free and open to all who want to learn about Bitcoin and the benefits of using it as a means of exchange.
“Whether you are a new Bitcoin user or a business merchant; the centre will offer classes to cater to your needs,” he elaborated.
Classes will be taught in Spanish across three different levels of learning: basic, intermediate and advanced, and Hernandez announced Paxful plans to invite guest speakers to conduct workshops so that the students get theoretical and practical knowledge.
The centre is, however, not backed by the government but Hernandez emphasised that Paxful itself “supports any solution or initiative that prioritises financial freedom and the success of Bitcoin in El Salvador”.
The government of El Salvador recently said it wants to give approximately $10m in crypto loans to small and medium-sized companies.
Hernandez added Paxful supports any initiative that aims to provide solutions for financial obstacles.
“It all comes down to education that is crucial and we each have our part to play in strengthening the Bitcoin economy and reaching global adoption,” he said, adding that Paxful stood committed to the success of Bitcoin in El Salvador.
Even though some big players such as Moody’s recently called trading Bitcoin risky, especially for El Salvador – “a small country struggling with big liquidity problems” – Hernandez said he understood how the price of Bitcoin could fluctuate but stressed “it’s important that we don’t miss the bigger picture”.
“Bitcoin offers a path toward financial stability and freedom, enabling financial freedom every day for millions of people around the world,” he explained.
“The days of seeing Bitcoin as a purely speculative asset are numbered.
The opening of the centre comes just five months after El Salvador became the first country to adopt Bitcoin as a legal tender.
Classes and training will be available starting February 3, 2022.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.