It is no secret that Bitcoin and Asia go quite well together, as the disruptive digital currency is favored by Chinese investors. In fact, one could go as far as saying that Asia is dominating the Bitcoin market altogether, even though that will always be a topic of debate. Fintech Mexican startup meXBT has acquired CoinRepublic in order to focus their attention on the Asian market.
meXBT – Mexican Digital Currency Exchange Platform
Bitcoin in Mexico is slowly on the rise, as digital currency gives citizens a major opportunity to bypass the country’s tight capital controls. On top of that, moving funds in and out of Mexico has never been an easy task, except for using remittance solutions such as Western Union. Needless to say, those remittance solutions charge hefty fees, only adding fuel to the fire of financial woes in Mexico.
As a result, meXBT is the leading digital currency exchange platform in the country. Being fully compliant with the law, and offering a technology platform and legal framework for Mexican digital currency enthusiasts have put meXBT on the map rather quickly. Even though the company was established little over a year ago, meXBT has made a name for itself in rapid succession.
“I am very excited, CoinRepublic is a highly respected brand in the Asian market and acquiring their business and brand gives us access to participate in one of the most developed markets in terms of financial innovation; establishing meXBT in Asia. We see this as a first step to allowing highly efficient payments cross-border between Asia and Mexico.” Gabriel Miron, founder and CEO of meXBT told the media.
CoinRepublic Acquisition Part of Global Expansion Plan
Singapore has become quite the interesting market for investors involved in the financial sector. A precise regulatory regime combined with a rather excellent banking infrastructure have made the country a center of innovation in the Fintech space. For a Bitcoin business such as meXBT to expand its services on a global scale, going after the Asian market first is a major milestone. CoinRepublic can prove to be a valuable partner in that regard.
“When we saw the business plan and objectives of expansion in Asia that meXBT had, we immediately found similarities and clear benefits for all our customers,” – CoinRepublic founder David Moskowitz told DigitalMoneyTimes.
Considering how meXBT has established itself as a major player in the Latin American Bitcoin space, it will be interesting to see what this partnership will bring to the Asian market. One thing’s for sure, though, both companies will keep pushing adoption of Bitcoin and blockchain technology to help a business expand their position on the market.
“With our platform using Bitcoin as an intermediary system, transactions between companies of Singapore and Mexico can be done in minutes. We are using the latest technology combined with a solid legal and fiscal background, providing more attractive commissions than the regular financial market.” – meXBT COO Joel Cano concluded.
Source: Press Release via Email
Images courtesy of meXBT, CoinRepublic and Shutterstock