Canadian Bitcoin exchange, Bull Bitcoin, has revealed a collaboration with Costa Rica’s premier payment system, SINPE Movil, and domestic wallet service, Bitcoin Jungle.
A press release from Sept 14 states that this non-custodial Bitcoin exchange will offer users the flexibility to switch their local currency, the Colones, into Bitcoin. Additionally, there will be an option to convert between fiat and USD via bank transactions.
Significantly, this marks a pioneering move, as both Costa Ricans and international users can now transition from local fiat to the world’s leading cryptocurrency without leaning on pricier international banking facilities.
The announcement highlighted, “Bull Bitcoin is the exclusive Bitcoin exchange in Costa Rica that enables users to purchase and offload Bitcoin leveraging SINPE Movil, which is the nation’s primary fiat transaction system.”
The collaboration between Bull Bitcoin, SINPE Movil, and Bitcoin Jungle stands to reshape the cryptocurrency landscape in Costa Rica and potentially influence the broader region. Given that a staggering 90% of Costa Ricans utilize SINPE, a system predicated on phone numbers, this partnership could pave the way for expansive Bitcoin adoption in the area.
Furthermore, the exchange offers a convenient channel for users to transition between local fiat currency and the US dollar via bank transactions, presenting multiple avenues for deposits and withdrawals.
For those interested in procuring Bitcoin, the process has been streamlined. “To buy Bitcoin, an individual requires a SINPE Movil account, accessible exclusively to Costa Rican residents and citizens. The transaction is simple: transfer money to Bull Bitcoin’s designated phone number, and in return, Bitcoin will be promptly dispatched to your Bitcoin Jungle wallet using the lightning network.”
Essentially, this innovative approach allows Bitcoin transactions to be conducted via phone number-associated bank accounts, bridging the gap between traditional banking and cryptocurrency.
Global expansion in sight
Bull Bitcoin, headquartered in Canada, has revealed its ambitious expansion roadmap for the upcoming year, starting with its foray into Costa Rica.
According to the announcement, this decision marks the beginning of the exchange’s much-anticipated global expansion strategy. The company expressed its aspiration: “We aim to cater to 1 billion users globally.”
The statement further elucidated, “Having catered exclusively to Canada for nearly a decade and serving a population of 35 million, we now feel poised to extend our acclaimed services to a global clientele.”
In terms of functionality, Bull Bitcoin’s platform is currently accessible to Bitcoin Jungle wallet users. This wallet has been specifically designed to cater to Costa Ricans, enabling them to effortlessly receive Bitcoin payments.
Bitcoin Jungle is pivotal to this tripartite alliance, given its widespread adoption by a diverse array of merchants ranging from farm sellers to mainstream marketplaces and commercial entities.
Bull Bitcoin underscored an important aspect of user experience. They believe that allowing users the flexibility to liquidate their cryptocurrency holdings into fiat currency whenever desired fosters greater trust and confidence in the platform.
However, the competitive landscape is heating up. Binance, a dominant force in the cryptocurrency arena, is launching its “Send Cash” service in various Latin American nations. This feature will enable users to transmit fiat currency via Binance Pay, thereby presenting a direct challenge to Bull Bitcoin’s expansion ambitions.
