August 4, 2015 1:03 PM

Mexican Exchange meXBT Buys Coin Republic To Facilitate Asia/Latin America Financial Trade

meXBT, a Mexico-based bitcoin exchange, will use bitcoin to facilitate financial transactions between Latin America and Asia with its recent acquisition of Coin Republic, a Singapore-based bitcoin brokerage. The acquisition gives meXBT the ability to allow financial transactions between Latin America and Asia using bitcoin without the parties having to purchase bitcoin.

meBXT announced the acquisition on its website. The purchase price was not disclosed.

“The strategy is to use technology as the basis bitcoins payment system between companies and evidently between international trade is one of the areas where we see greater opportunity,” meXBT announced on its website.

Exchange To Facilitate Intercontinental Trade

Joel Cano

Joel Cano, chief operation officer at meXBT, said that with the presence in Singapore, meXBT can strengthen financial trade between Mexico and China for companies of all sizes.

Coin Republic does not hold funds. “We do not believe in holding customer funds for extended periods,” Coin Republic explains on its website. “This is counter-party risk which we want to help you manage. By only sending money that you want converted into bitcoin, and using your own controlled wallet you limit the risk of your hard earned capital.”

Cano told El Financiero, the Mexico City-based Spanish financial news service: “Singapore is putting (us) as the spearhead and we believe that for us to be with a company with one foot almost in Singapore puts us with a significant competitive advantage.”

Also read: Bitcoin progress report: Mexico not threatened by bitcoin

Bitcoin Allows Transfers Between Currencies

Gabriel Miron, CEO and founder of meXBT, explained that the platform can make transfers between the Mexican peso and the Singapore dollar using bitcoins.

“The issue of payments ‘crossborder’ or transboundary is very interesting, because the technology we developed is an option that allows people to spend their balance peso Singapore dollars, without being subject to bitcoin.” he said.

Last November, meXBT launched a trading platform called “The Crypto Exchange of the Americas” for cryptocurrencies in Latin America, CCN reported. The exchange offers a simple-to-use interface for first-time buyers, along with advanced charting and trading features for sophisticated traders.

Featured image from Shutterstock.

Lester Coleman

Lester Coleman is a media relations consultant for the payments and automated retailing industries.