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Canadian Bitcoin Exchange Strikes Local Currency Conversion Partnership with Costa Rica’s Payment System

David Pokima
Last updated: | 2 min read
Pixabay

Canadian Bitcoin Exchange, Bull Bitcoin, has announced a partnership with Costa Rica’s most extensive payment system, SINPE Movil, and local wallet provider, Bitcoin Jungle.

According to a press release on Sept 14, the non-custodial Bitcoin exchange will give users the option to convert local currency, Colones to Bitcoin and further conversion of fiat and USD through bank transfers.

The exchange noted that it marks the first time Costa Ricans and foreigners will convert local fiat to the largest cryptocurrency without relying on international banking services with significantly higher costs.

Bull Bitcoin is the first and only Bitcoin exchange in Costa Rica that lets users buy and sell Bitcoin using SINPE Movil, the country’s most primary fiat payment system.” 

This partnership could change the entire crypto landscape in the country and by extension, the region as 90% of citizens adopt SINPE, a phone number-based network creating a path to Bitcoin adoption.

The exchange also allows for conversion between local fiat and the dollar through bank transfers as it opens up multiple deposit and withdrawal channels.

To purchase Bitcoin, you must have a SINPE Movil account, which is available to Costa Rican citizens and residents. All you need to do is send money to Bull Bitcoin’s phone number and the Bitcoin will be sent to your Bitcoin Jungle wallet via lightning automatically.

Bitcoin will now be sent through a phone number-generated bank account between both parties.

Global expansion in sight 

The Canadian headquartered exchange disclosed plans of its expansion over the next 12 months with the Costa Rican entry as the first step.

Per the release, this move kicks off the long-awaited expansion and the firm stated its desire to provide services to 1 billion global users.

After almost 10 years of being available only in Canada and serving a market of 35 million individuals, we are ready to offer our internationally-acclaimed services to users across the world.”

The platform’s service is available to Bitcoin Jungle wallet users, a wallet tailored for Costa Ricans to easily accept Bitcoin payments. 

Bitcoin Jungle plays a key role in the three-way partnership as multiple merchants from farm vendors, markets, and commerce deploy it. 

Similarly, Bull Bitcoin noted that users’ ability to cash out their crypto assets for fiat at any time automatically increases their confidence in the system.

The company will be rivaled by market leader Binance with the launch of its “Send Cash” service in Latin American countries which allows users to send fiat through Binance Pay.