Bull Bitcoin, a non-custodial Bitcoin-only exchange headquartered in Canada, has entered into a partnership with SINPE Movil, Costa Rica’s primary fiat payments system, and Bitcoin Jungle, a local cryptocurrency wallet solution.
In a press release dated September 14, Bull Bitcoin announced that both Costa Rican citizens and foreigners will have the ability to convert the local currency, Colones, into Bitcoin, and vice versa. Bull Bitcoin will facilitate conversions to and from bank accounts (IBAN) in both Colones and USD via standard bank transfers.
The exchange will operate through the Bitcoin Jungle wallet, with users purchasing Bitcoin by sending their fiat currency to Bull Bitcoin via SINPE Movil and receiving BTC in their Bitcoin Jungle accounts. This move is aimed at enabling merchants to quickly and efficiently “cash out” their Bitcoin for fiat currency, thereby boosting their confidence in accepting Bitcoin payments.
For Bull Bitcoin, entering the Costa Rican market represents the official launch of its international expansion. Over the next 12 months, the company plans to make its services available to “over a billion people worldwide,” after having been accessible exclusively in Canada for nearly a decade, serving a market of 35 million individuals.
Costa Rica joins the list of Latin American countries covered by Binance’s “Send Cash” product, which was recently launched. In August, the world’s largest cryptocurrency exchange introduced a new crypto-to-bank account payment solution for the region. Users from Honduras, Guatemala, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico can now send money via Binance Pay to recipients with bank accounts in Colombia and Argentina.