Leading Mexican bitcoin exchange meXBT has acquired CoinRepublic, the most respected and established bitcoin brokerage in Singapore as a part of its plan to expand throughout the Asia-Pacific region.
Through the acquisition of CoinRepublic, meXBT will benefit from the networks of the Singaporean exchange, which includes local banks, exchanges and financial institutions. The pre-existent customer base and reputation of CoinRepublic will enable meXBT to enter the Singaporean market with ease, and establish itself as a major bitcoin exchange in the country.
“I am very excited,” Gabriel Miron, founder and CEO of meXBT announced. “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.”
CoinRepublic users will also benefit from meXBT’s real-time data, better trading rates and other unique functionalities of the exchange. Miron declined to disclose the volume of transactions and trades of CoinRepublic.
However, Miron told Bitcoin Magazine, “CoinRepublic, I would say it was one of the main bitcoin providers in Singapore.” Also, he added, their service was a brokerage, while meXBT is a trading platform where users will gain access to better pricing, more liquidity, and several functionalities that Mexican users already have.
Additionally, the firm will work together with its branches in Latin America to enable instantaneous transfer of payments between companies in Latin America and Singapore.
“With our platform using Bitcoin as an intermediary system, transactions between companies of Singapore and Mexico can be done in minutes,” meXBT COO Joel Cano said. “We are using the latest technology combined with a solid legal and fiscal background, providing more attractive commissions than the regular financial market.”
Currently, the meXBT team is introducing the platform to the users of Coin Republic and many other Singaporean bitcoin holders who are in serious need of an established and stable bitcoin exchange.
“We are working on rolling out meXBT trading platform for the Singapore public in the following months,” Miron told Bitcoin Magazine. “We are finalizing several integrations and testing that allow ‘fiat 2 fiat’ using Bitcoin as the back bone which we thing will be a really useful application for users.”
The expansion of meXBT in Singapore will not be restricted by heavy Bitcoin-related regulations and policies. Singapore, unlike other Asian countries has a fundamental grasp and understanding of the technology, and its advantages for merchants, traders and companies.
In fact, just a few days ago Vivian Balakrishnan, the minister-in-charge of the Smart Nation Initiative and a member of Parliament, addressed Bitcoin and its blockchain technology in a presentation at a startup incubator. Balakrishnan explained that the technology behindBbitcoin has many unique use cases, and the technological capability of Bitcoin which enables anyone to instantly send transactions globally is a necessary payment tool to have today.
Despite the launch of meXBT in Singapore, the firm will still focus its operations in Latin America and continue to educate local businesses and merchants about the financial advantages of using bitcoin and its international accessibility.