A significant development in the cryptocurrency space has recently unfolded, as a partnership blooms between Canadian Bitcoin exchange, Bull Bitcoin, Costa Rica’s prominent payment system, SINPE Movil, and local wallet provider, Bitcoin Jungle. As of September 14, Costa Ricans and foreigners alike have the opportunity to convert their local currency, Colones, into Bitcoin and further perform currency conversions of fiat and USD via bank transfers – all without reliance on international banking services and their associated expenses.
This partnership puts a new spin on access to the world’s largest cryptocurrency, potentially revolutionizing the crypto environment of Costa Rica and, more broadly, the entire region. With a 90% adoption rate of SINPE, a phone number-based network now enables a straightforward pathway for Bitcoin adoption. With the conversion feature between local fiat and the dollar, multiple deposit and withdrawal channels are officially open to users.
However, there are prerequisites to using the service. Users must first have a SINPE Movil account – available to Costa Rican citizens and residents. Upon transference of money to Bull Bitcoin’s phone number, Bitcoin then gets automatically dispatched to the user’s Bitcoin Jungle wallet via lightning.
This collaboration makes sense in light of Bull Bitcoin’s announced expansion plans extending over the next 12 months, with Costa Rica being the initial stepping stone. As they move into uncharted territory, they aim to extend their reach to up to one billion global users. The service, up until now, had been restricted to Canada’s 35 million individuals, a far cry from their new ambitious global goals.
Bitcoin Jungle plays a pivotal role in the tripartite alliance, acting as an easy-access Bitcoin payment system for Costa Ricans. It enables a variety of merchants from market vendors to commercial enterprises to accept Bitcoin. As users gain the ability to cash out their crypto assets for fiat at any point with Bull Bitcoin, user confidence is expected to rise.
However, competition is in the picture. Market leader, Binance, has also recently launched its “Send Cash” service in Latin American countries, allowing users to transfer fiat via Binance Pay. Thus, Bull Bitcoin is set to face steep competition in the blossoming Latin American Bitcoin market.
Source: Cryptonews
