Bitcoin only exchange Bull Bitcoin, has announced that it has expanded its services to enable Costa Ricans and foreigners to buy and sell Bitcoin using SINPE Movil, the country’s primary fiat payment system, in partnership with circular BTC economy project Bitcoin Jungle, according to a press release sent to Bitcoin Magazine. This collaboration not only opens up new opportunities for those looking to utilize Bitcoin in the country but also simplifies the process of converting Costa Rican colones to BTC and vice versa.
Bull Bitcoin is now the first and only Bitcoin exchange in Costa Rica to facilitate seamless transactions using SINPE Movil, the payment network widely embraced by over an estimated 90% of Costa Rican consumers. This development represents a significant milestone, as it grants nearly every Costa Rican access to a secure, low-cost, instant on-ramp and off-ramp for Bitcoin.
For the first time, residents and visitors alike can effortlessly convert colones to Bitcoin and Bitcoin to colones without the hassle of complex international bank transfers and expensive currency conversion fees. Additionally, Bull Bitcoin allows for conversions to and from bank accounts (IBAN) in both CRC and USD via regular bank transfers, further enhancing the flexibility of Bitcoin usage.
Bitcoin Jungle, an open-source community project tailored for Costa Rica, has been instrumental in onboarding hundreds of local merchants, including independent vendors at farmers’ markets, into the Bitcoin ecosystem over the past three years. In some regions, like Bahia Ballena, Bitcoin Jungle has effectively established a circular Bitcoin economy.
However, one major challenge faced by Bitcoin Jungle was the inability to “cash out” Bitcoin for local currency, which hindered broader adoption among merchants. Bull Bitcoin’s integration into the Bitcoin Jungle wallet solves this issue by enabling merchants to easily convert their Bitcoin holdings to fiat currency, bolstering their confidence in accepting Bitcoin payments.
To take advantage of this service, users must download the Bitcoin Jungle wallet and register a username. Within the wallet’s settings, they can select the SINPE Movil option to access the buy and sell Bitcoin interface. Purchasing Bitcoin requires a SINPE Movil account, available to Costa Rican citizens and residents, and entails sending funds to Bull Bitcoin’s phone number, after which Bitcoin is automatically credited to their Bitcoin Jungle wallet.
This partnership between Bull Bitcoin and Bitcoin Jungle not only simplifies financial transactions in Costa Rica but also helps to position the country as an internationally recognized Bitcoin hub. By offering locals, tourists, and expats a convenient Bitcoin standard for everyday transactions, Bull Bitcoin and Bitcoin Jungle are driving the adoption of BTC in this vibrant Central American nation.
Bull Bitcoin’s entry in the Costa Rica Bitcoin market officially starts its long-awaited international expansion. Over the next 12 months, the exchange will become available to over a billion people worldwide, according to the release. After almost 10 years of being available only in Canada and serving a market of 35 million individuals, Bull Bitcoin says they’re ready to offer its internationally-acclaimed services to users across the world.