- Bull Bitcoin, the Canadian bitcoin exchange has partnered with SINPE Movil, Costa Rica’s largest fiat payment system.
- This partnership is expected to enable users to convert fiat to Bitcoin and vice versa seamlessly.
- This partnership will likely foster the growth of the cryptocurrency market in Costa Rica and increase its accessibility to users across the country.
Bull Bitcoin, a Canadian Bitcoin exchange, has joined forces with SINPE Movil, Costa Rica’s largest fiat payment system, and Bitcoin Jungle, a local cryptocurrency wallet solution.
Bullcoin is a non-custodial Bitcoin-only exchange and payment service with its head office in Canada. The firm prides itself on being the first and largest Bitcoin payment processing service, offering services such as; payment to banks, bank transfer, credit card payment and the ability to add dollars to users’ Bull Bitcoin accounts.
SINPE on the other hand is regulated by the Central Bank of Costa Rica and connects financial and public institutions via a telecommunications network. SINPE is a convenient way to pay for goods and services with a smartphone, with no need for cash or a credit card
The integration of SINPE Movil’s payment system with Bitcoin Jungle’s wallet will enable users to convert fiat to Bitcoin and vice versa seamlessly
This partnership will likely foster the growth of the cryptocurrency market in Costa Rica and increase its accessibility to users across the country.
Bull Bitcoin released a press on Sept 14, in which they said both the citizens of Costa Rica and foreigners will able to convert the local currency, Colones to Bitcoin and vice versa. Bull Bitcoin will also allow conversion to and from bank accounts (IBAN) both in Colones and USD via regular bank transfers
The exchange will use a wallet known as Bitcoin Jungle. Users will be able to purchase Bitcoin by sending their fiat money to Bull Bitcoin via SINPE Movil and getting BTC on their Bitcoin Jungle accounts. Bullbitcoin believes this will make it possible for merchants to quickly and effectively cash out their Bitcoin for fiat currency and increase their confidence in accepting Bitcoin payments.
According to the exchange, the expansion has begun with entry into the Costa Rican market. Over the next 12 months, Bull Bitcoin will become available to over a billion people worldwide, which is a big leap from their domestic market where they have only served 35 million Canadians.
With a population of less than 6 million, Costa Rica is generally regarded as having the most stable and democratic government in the whole of Central American countries.
Costa Rica has one of the highest literacy rates (more than nine-tenths) in the Western Hemisphere and a solid educational system from the primary grades through the university level. Due to its relatively peaceful state coupled with high literacy, the country has attracted a high level of Direct Foreign Investment, in addition, a number of non-governmental organizations have their headquarters in San José
Binance recently launched a new crypto-to-bank account payment solution for Latin American countries of which Costa Rica is part of. Users from Honduras, Guatemala, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico can transfer funds to Colombia and Argentina via Binance Pay.