Bull Bitcoin, a non-custodial Bitcoin-only exchange based in Canada, in a recent press release on 14th September, announced their new partnership with SINPE Movil, Costa Rica’s principal fiat payment system, and Bitcoin Jungle, a local crypto wallet solution. This strategic alliance is geared towards simplifying conversions between the local currency, Colones, and Bitcoin, and also enabling conversions to and from bank accounts both in Colones and USD via regular bank transfers.
This collaboration will be conducted through the Bitcoin Jungle wallet with users purchasing Bitcoin by forwarding their fiat money to Bull Bitcoin via SINPE Movil and then acquiring BTC in their Bitcoin Jungle accounts. As noted by Bull Bitcoin, it will make it “possible for merchants to swiftly and effectively “cash out” their Bitcoin for fiat currency and fortifies their assurance in accepting Bitcoin payments.”
The announcement signified the initiation of their global reach plan. Over the forthcoming year, Bull Bitcoin aspires to iteratively expand its availability to “over a billion people worldwide”, marking a substantial leap from its former reach exclusive to Canada with a market of 35 million individuals.
On the flip side, venturing into global territories is faced with inherent challenges, particularly regulatory issues, differing economic scenarios, and varying financial capabilities and accessibility among global populations. The lack of global digital financial literacy could inhibit widespread adoption as targeted by Bull Bitcoin.
Although Costa Rica, along with other Latin American nations, is also catered to by recently launched Binance’s “Send Cash” product, the Bull Bitcoin recent move presents an alternative method for the local populace to interact with Bitcoin, fostering competition while also offering choice to the market. Ultimately, the benefit will go to the end users in terms of diversified options.
Lastly, the partnership signals crypto industry growth and continued mainstream assimilation, but it’s important not to overlook potential risks and barriers, such as regulatory and economic hurdles, which can significantly affect market sentiments and crypto adoption. It’s left to be seen whether Bull Bitcoin’s expansion strategy will ideally play out in a year as planned.
Source: Cointelegraph
