Bull Bitcoin, a non-custodial Bitcoin exchange headquartered in Canada, has teamed up with SINPE Movil, Costa Rica’s primary fiat payments system, and Bitcoin Jungle, a local crypto wallet solution. This partnership promises to facilitate the seamless conversion between the local currency, Colones, and Bitcoin. Notably, it aims to benefit both Costa Rican citizens and foreigners.
Expanding Access to Bitcoin
Bull Bitcoin’s press release, issued on Sept 14, announced a revolutionary change for Costa Rica. It will enable citizens and foreigners alike to effortlessly convert Colones into Bitcoin and vice versa.
Moreover, Bull Bitcoin goes beyond traditional boundaries. This is by allowing conversions to and from bank accounts (IBAN) in both Colones and USD, all through regular bank transfers.
SINPE Movil Integration
Importantly, the heart of this partnership lies in the integration of SINPE Movil, Costa Rica’s principal fiat payments system. This integration streamlines the process for users who wish to purchase Bitcoin. They can simply send their fiat currency to Bull Bitcoin through SINPE Movil, and their BTC will appear in their Bitcoin Jungle accounts.
Furthermore, the beauty of this arrangement is that it empowers merchants, enabling them to efficiently “cash out” their Bitcoin for fiat currency. This will help in boosting their confidence in accepting Bitcoin payments.
A Leap Towards International Expansion
For Bull Bitcoin, this venture into the Costa Rican market marks the beginning of its international expansion journey. After nearly a decade of serving only the Canadian market, the company is now set to make its services available to “over a billion people worldwide”. This will be done over the next 12 months.
This is a significant leap forward, underscoring Bull Bitcoin’s commitment to global cryptocurrency adoption.
A Global Trend in Latin America
This partnership isn’t an isolated event in the Latin American cryptocurrency landscape. Binance recently launched its “Send Cash” product, covering several countries in the region, including Costa Rica.
Further, in August, Binance unveiled a crypto-to-bank account payment solution. This will enable users from Honduras, Guatemala, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico to send funds via Binance Pay to recipients with bank accounts in Colombia and Argentina.
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