Bull Bitcoin, a Canadian bitcoin exchange, announced this week that it would begin conducting business in Costa Rica amid the increasing international growth of bitcoin adoption. The business became the first bitcoin business to use SINPE Movil, the main payment processor in Costa Rica, providing a bitcoin on-and-off-ramp for users.
Through this agreement, both locals and tourists will be able to easily convert colónes, the native currency, into bitcoin. Bull Bitcoin will also make it easier to convert money between bank accounts (IBAN) in colónes and dollars using standard bank transfers.
By sending their money to Bull Bitcoin via SINPE Movil and executing transactions using the Bitcoin Jungle wallet, users can purchase bitcoin and have it instantly transferred into their Bitcoin Jungle accounts. This streamlined procedure speeds up conversions from bitcoin to fiat for businesses and strengthens their confidence in accepting bitcoin payments.
The National System for Electronic Payments — or SINPE Movil in Spanish, is managed and maintained by the Central Bank of Costa Rica and is based on the M-Pesa system used in Kenya. Instantaneous money transfers between users are made possible using just mobile phone numbers.
Bull Bitcoin’s entry into the Costa Rican market marks the beginning of a more extensive global expansion. The business plans to expand its services over the course of the following year, aiming to reach over a billion people. Compared to its decade-long presence only in Canada, which served a population of 35 million people, this is a significant improvement.
Bull Bitcoin, SINPE Movil, and Bitcoin Jungle’s synergistic abilities have the potential to completely reshape Costa Rica’s bitcoin adoption. This agreement marks an important turning point for the country, while highlighting a wider trend toward more financial inclusiveness in the area.
With focused efforts, the potential for bitcoin adoption and use will soar, changing the financial landscape in Costa Rica.
