Bitcoin exchanges are popping up all over the world, but the most interesting ones are those in emerging countries. Mexico is such an interesting country, as their financial infrastructure and ecosystem are far from stable these days. It should come as no surprise then that there is a golden opportunity for Bitcoin to become a part of everyday life in that region.
Bitcoin in Mexico So Far
In one of our previous articles, we mentioned how local merchants in Mexico are often struggling to collect payments from their customers. Even by giving some leeway, the situation only seems to get worse and worse, as customers simply do not have enough money to pay for their basic needs.
Popular Bitcoin exchange VolaBit recently introduced their personal assistant application, called Jamie, which aims to help customers use Bitcoin for everyday needs. Creating use cases for Bitcoin is not that difficult, but finding a market that everyone can relate to is a different matter entirely. In order to promote the usage of Bitcoin, most major Mexican retailers allow you to buy Bitcoin over-the-counter in exchange for cash.
Furthermore, Mexican citizens can enjoy the benefits of Bitcoin peer-to-peer lending, thanks to a partnership between Volabit and Australia-based BTCJam. Even though loaning Bitcoin to random strangers is not necessarily the best business decision you will ever make, there is a chance for up to 20% in profit in a short amount of time.
But Volabit is not the only Mexican Bitcoin exchange, as there are other parties such as Mexbt, Bitso, and Unisend Mexico, to name a few. Both of these latter platforms are rather small fish in the large pond of Bitcoin exchange platforms, but they are making a difference in the daily lives of many residents. And it looks like something interesting will be happening with Bitso in the very near future.
Bitso Acquires Unisend Mexico
Even though Bitcoin activity is only taking place on a small scale in Mexico, the country is suffering from a slightly fractured digital currency ecosystem already. While Bitcoin is all about decentralization and giving consumers various options to buy and sell the digital currency, it may damage the Bitcoin adoption curve, in the long run, to have too many options right now.
Bitso CEO Pablo González told the media that:
“Although we feel strongly that the market is on the verge of significant growth, right now it doesn’t really make sense to have such a diffused effort. Consolidation makes sense at this point, in preparation for the huge potential that we see coming with remittance partners poised to begin activity over the bitcoin rail.”
Both parties came to an agreement, even though the net worth of this acquisition was not disclosed at the time of publication. We do know that Unisend Mexico’s former CEO Jose Rodriguez will join the Bitso staff and fill the role of Vice President of Payments. All former Unisend Mexico customers will be migrated to the Bitso platform over the coming weeks.
Source: Press Release via Email
Images courtesy of BitSo, Unisend Mexico & Shutterstock