Panamá's early history was shaped by the ambitions of European powers. In 1501, Rodrigo de Bastidas of Spain conducted the first European exploration of Panamá. One year later, Christopher Columbus visited Panamá and established a settlement in the Darien province. In 1513, Vasco Nuñez de Balboa discovered that the isthmus was indeed the path between the Caribbean Sea and the Pacific Ocean. Panamá quickly became the crossroads of Spain's empire in the New World, serving as the transfer point for gold and silver being shipped from South America and Spain.