Norttech Labs is a bitcoin service provider for the Reserve Bank of El Salvador.
In September 2021, El Salvador became the first country in the world to adopt bitcoin as a new legal tender throughout the territory.
Incorporating a new monetary system can represent great changes in the economy. For that reason, there are few companies that qualify in the Central Reserve Bank of El Salvador to be bitcoin service providers.
Norttech Labs is one of the companies that has registered with the Central Reserve Bank as a bitcoin service provider, complying with the provisions of article 3 of the Regulations of the Bitcoin Law, thus meeting the requirements to be able to operate and provide its services.
What is a bitcoin service provider?
A Bitcoin service provider is a company authorized by the main financial entities in El Salvador to offer services around this digital currency such as the exchange of assets, family offices, payment gateways, virtual wallets or wallets, investment funds and investment houses. changes or better known as exchanges.
The Central Reserve Bank of El Salvador has an official registry of 45 service providers, within this list are companies such as Chivo Wallet, Nortetech Labs LTDA, QREDO Service, among others.
Security is everything
As we mentioned earlier, not all companies can be registered bitcoin service providers. In fact, the Salvadoran state ensures that companies comply with the provisions of the regulatory framework of the bitcoin law regulations.
In this way, complete protection and a security protocol with high standards are guaranteed to prevent theft, deterioration and money laundering. Companies must have the financial and non-financial resources to meet customers.
Norttech Labs supports bitconization
Norttech Labs is a company focused on creating, so the evolution of its services help them stand out from the competition.
When the Government of El Salvador made the decision to incorporate Bitcoin as legal tender, the Norttech Labs team noticed that there was a need in different companies to adapt to these changes that were taking place. For this reason, as bitcoin lightning specialist developers, they made their services and knowledge available to help improve the adoption of Bitcoin.
Since then they had to pass a series of regularizations in order to be one of the companies authorized and approved by the Central Reserve Bank of El Salvador.
The services offered by Norttech Labs are aimed at businesses, banks and government. It focuses on two types of services, a payment gateway called Tiankii Pay and bitcoin / lightning development consultancies.
First of all, we have Tiankii Pay, a payment gateway designed to accept Bitcoin payments and automatically convert them to dollars through Chivo Wallet.
Norttech Labs also provides personalized advice to companies that want to have their own servers related to Bitcoin, can generate technology, products and services to achieve their own financial structure in order to improve their competitiveness and support the economy of El Salvador.
Darvin Otero, CEO of Norttech Labs & Tiankii Pay, commented:
“Not just any company can qualify as a Bitcoin service provider in El Salvador. One of our goals is to share the benefits of bitcoin to people and merchants so that they can access and accept payments without logistics costs or other additional amounts.”