A non-custodial Bitcoin-only exchange with a head office in Canada, Bull Bitcoin, has formed a partnership with SINPE Movil, Costa Rica’s principal fiat payments system, and Bitcoin Jungle, a local crypto wallet solution.
According to Bull Bitcoin’s press release from Sept 14, both the citizens of Costa Rica and “foreigners” will be 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 operate through the Bitcoin Jungle wallet with users purchasing Bitcoin by sending their fiat money to Bull Bitcoin via SINPE Movil and getting BTC on their Bitcoin Jungle accounts. As Bull Bitcoin emphasizes, this will make it “possible for merchants to quickly and effectively “cash out” their Bitcoin for fiat currency and increases their confidence in accepting Bitcoin payments.”
In the company’s terms, an entry into the Costa Rican market “officially kicks off” its international expansion. Over the next 12 months, Bull Bitcoin plans to become available to “over a billion people worldwide” after “almost 10 years of being available only in Canada and serving a market of 35 million individuals.”
Costa Rica is among the list of Latin America’s countries covered by recently launched Binance’s “Send Cash” product. In August, the largest crypto exchange in the world reported the launch of a new crypto-to-bank account payment solution for the region. Users from Honduras, Guatemala, Costa Rica, Paraguay, the Dominican Republic, Panama and Mexico will be able to send money via Binance Pay to recipients with bank accounts in Colombia and Argentina.