Bull Bitcoin, a non-custodial Bitcoin-only exchange in Canada, has announced a innovative partnership with SINPE Movil, Costa Rica’s primary fiat payments system, and Bitcoin Jungle, a local cryptocurrency wallet solution. This collaboration marks Bull Bitcoin’s foray into the international market after almost a decade of operating solely within Canada, serving a population of 35 million.
Its goal is to reach over a billion people worldwide within the following year. This partnership allows users to purchase Bitcoin in Canada quickly, securely, and cost-effectively, without the need for KYC verification, an ID, or a bank account.
As per the recent press release by Bull Bitcoin, this partnership is the ability for both Costa Rican citizens and foreigners to seamlessly convert the local currency, Colones, into Bitcoin and vice versa. Furthermore, Bull Bitcoin will facilitate conversions to and from bank accounts (IBAN) denominated in Colones and USD via standard bank transfers.
The process begins with the Bitcoin Jungle Wallet, serving as the entry point for users into the exchange ecosystem. To acquire Bitcoin, users send their fiat currency securely through SINPE Movil, Costa Rica’s primary fiat payments system, streamlining the conversion process. Once the transaction is complete, users will find their Bitcoin holdings safely stored in their Bitcoin Jungle accounts, offering not only ease of access but also a secure platform for managing their digital assets. This straightforward approach ensures a user-friendly experience while entering the world of cryptocurrency, all within the Bitcoin Jungle ecosystem.
This collaboration aims to empower merchants in Costa Rica by providing them with a quick and efficient way to “cash out” their Bitcoin holdings for fiat currency. This development is expected to boost confidence among businesses in accepting Bitcoin payments. Costa Rica now joins the growing list of Latin American countries embracing cryptocurrency solutions.
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The partnership between Bull Bitcoin, SINPE Movil, and Bitcoin Jungle signals the increasing integration of Bitcoin into the global financial landscape. As the adoption of cryptocurrencies continues to expand, such collaborations play a crucial role in facilitating the seamless exchange between traditional fiat currencies and cryptocurrencies, ultimately advancing the use of Bitcoin in everyday transactions.
In a recent report by Todayq News on July 27, 2023, the Bank of Canada revealed that Canadians had sold their Bitcoin holdings in 2022 but had stayed the same with other cryptocurrencies, as ownership of altcoins had decreased due to users facing complexity while using them.
The report also found that less than one-third of Bitcoin owners were highly knowledgeable about the Bitcoin system, while a slightly larger proportion did not know. This is the reason exchanges are coming up with new technology and forming collaborations to make it easier for users to quickly adopt this growing industry.