Canadian Bitcoin Exchange Bull Bitcoin Expands into Costa Rica
Bull Bitcoin, a Canadian Bitcoin exchange, has made its entry into Costa Rica by becoming the first Bitcoin enterprise to utilize SINPE Movil, the country’s primary payment provider. Through a project called Bitcoin Jungle, users will be able to buy and sell BTC with the country’s national currency, the colón, using the project’s digital wallet. SINPE Movil, operated by the Costa Rican Central Bank, allows users to send and receive money via mobile phone numbers instantly.
SINPE Movil: A Widely Used Payment Service
SINPE Movil is widely used in Costa Rica, with over 60% of the country utilizing its services. The system has transacted an equivalent of 17% of the country’s GDP at one point. Unlike a dedicated app, SINPE Movil operates as an interbank settlement service similar to Zelle in the United States or Interac in Canada.
Benefits of SINPE Movil Integration
The integration of SINPE Movil is considered a game changer by Bull Bitcoin’s founder and CEO, Francis Pouliot. He described it as simple and instant, allowing for money transfers from anywhere in the world to a Costa Rican’s phone number within seconds and at a low cost.
Bitcoin Jungle: Paving the Way for a Bitcoin Circular Economy
Bitcoin Jungle, Bull Bitcoin’s local partner in Costa Rica, aims to create a Bitcoin circular economy in Costa Rica’s Golden Triangle. This initiative aims to replicate the success of Bitcoin Beach in El Salvador. By partnering with local communities and businesses, they are facilitating the adoption and use of Bitcoin as a medium of exchange.
Closing Thoughts
The integration into SINPE Movil solves a major obstacle for Bitcoin adoption in Costa Rica by providing the necessary infrastructure for businesses and individuals to move money from the Bitcoin network into the traditional financial system. This expansion into Costa Rica allows Bull Bitcoin to gain valuable insights into the Latin American market and experiment with real-time impact and adoption.
Source: Decrypt
Hot Take: Bull Bitcoin Expands its Reach to Costa Rica
Canadian Bitcoin exchange Bull Bitcoin has made a significant move by entering the Costa Rican market. By leveraging SINPE Movil, the country’s primary payment provider, Bull Bitcoin enables users to seamlessly buy and sell BTC using the national currency. This integration is a game changer as SINPE Movil is widely used in Costa Rica, allowing for instant and low-cost transactions. Additionally, Bull Bitcoin’s partnership with Bitcoin Jungle opens up opportunities for creating a Bitcoin circular economy in Costa Rica’s Golden Triangle. Overall, this expansion highlights the growing adoption and integration of cryptocurrencies in Latin America.
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