Canada’s Bull Bitcoin Exchange Expands Services to Costa Rica
Bull Bitcoin, a Canadian Bitcoin exchange, recently revealed it will provide an on-and-off-ramp for Bitcoin swaps utilizing SINPE Movil, Costa Rica’s most widely used payment provider.
In collaboration with a Bitcoin-centric economic initiative named the Bitcoin Jungle, individuals will have the ability to buy and sell Bitcoin using the Costa Rican colón via the project's digital wallet.
To convert colónes to Bitcoin or vice versa, Costa Ricans and tourists need to download the Bitcoin Jungle wallet, set up a username, and select SINPE Movil.
SINPE Movil, which stands for the National System for Electronic Payments in Spanish, is run by the Central Bank of Costa Rica. It operates similarly to the Kenyan M-Pesa, allowing users to easily send and receive funds through mobile phone numbers in real-time.
Local media reports indicate that the platform is used by over 60% of Costa Ricans, with its transactions amounting to 17% of the nation's GDP at one point. Rather than being a standalone application, it functions as an interbank clearing platform, similar to Zelle in the U.S. or Interac in Canada.
Founder and CEO of Bull Bitcoin Francis Pouliot said, "SINPE Movil integration is a game changer."
Pouliot told Decrypt that the integration’s simplicity and immediate transaction capabilities are an "almost magical experience."
Having lived in Costa Rica for three years, Pouliot, a Canadian native, believes the nation is "fairly banked," because of SINPE Movil.
Lee Salminen, the founder of Bitcoin Jungle, views the partnership with Bull Bitcoin as a gateway to more insights into the Latin American market.
Salminen stated that "being on the ground in Costa Rica provides a unique opportunity to experiment in real-time."
Bitcoin Jungle has been at the forefront of promoting a Bitcoin circular economy in an area of Costa Rica referred to as the Golden Triangle. Spanning five communities—Dominical, Uvita, Ojochal, Platanillo, and Tinamaste—it aims to replicate the success of Bitcoin Beach in El Salvador.
Pouliot emphasized that the integration with SINPE Movil "solves the biggest obstacle for Bitcoin adoption in Costa Rica—the absence of infrastructure that lets businesses and individuals move money from the Bitcoin network into the traditional financial system."