Bull Bitcoin, a non-custodial Bitcoin-only exchange headquartered in Canada, has announced a strategic partnership with SINPE Movil, Costa Rica’s primary fiat payments system, and Bitcoin Jungle, a local cryptocurrency wallet solution.
According to Bull Bitcoin’s press release dated September 14, both Costa Rican citizens and foreigners will have the ability to seamlessly convert the local currency, Colones, to Bitcoin and vice versa. Bull Bitcoin will also facilitate conversions between Colones and USD via regular bank transfers using IBAN bank accounts.
The exchange will operate in conjunction with the Bitcoin Jungle wallet. Users can purchase Bitcoin by transferring their fiat money to Bull Bitcoin through SINPE Movil and will receive BTC in their Bitcoin Jungle accounts. Bull Bitcoin highlights that this integration will enable merchants to efficiently “cash out” their Bitcoin for fiat currency, enhancing their confidence in accepting Bitcoin payments.
In the company’s own words, this entry into the Costa Rican market marks the official commencement of its international expansion efforts. Over the next 12 months, Bull Bitcoin aims to make its services available to “over a billion people worldwide,” following nearly a decade of serving exclusively within Canada, where it catered to a market of 35 million individuals.
Costa Rica is one of the Latin American countries covered by Binance’s recently launched “Send Cash” product. In August, the world’s largest cryptocurrency exchange announced the introduction of a novel crypto-to-bank account payment solution for the region. Users in Honduras, Guatemala, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico will have the ability to send money via Binance Pay to recipients with bank accounts in Colombia and Argentina.
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