Mexican Exchange meXBT has acquired a Singaporean Bitcoin brokerage and consultation firm with hopes to expand its operations through the Asian bitcoin market.
The acquired firm, known as Coin Republic, is a renowned Bitcoin exchange and consultation company, for it is among the only Bitcoin services that do not hold customers’ funds, but transfer them directly to the designated receiver. Within just two years since its launch, Coin Republic has achieved a great reputation of being a safe and secure method to exchange Bitcoins that allows users to limit their risks of losing capital.
This explains why a western exchange like meXBT chose Coin Republic as its strategical partner. As stated in its blogpost, the acquisition is hopeful to help the Mexican company in doubling up their customer base. It is further hoping to see a 25-30% transaction and user growth rate in the coming times.
meXBT’s Operations Director, Joel Cano, further explained the reasons behind their overly optimistic predictions, saying that Asian bitcoin market truly brings some of the best opportunities for Bitcoin businesses in the future. The company’s CEO and founder Gabriel Maron further recognized the brand power of Coin Republic in helping them to achieve the said figures. He stated:
“I am very excited, 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 bitcoin market 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.”
Growing Bitcoin Market in Singapore
Due to a breathable technology climate, Singapore has turned out to be one of the friendliest countries to promote and expand FinTech services like Bitcoin. Recently, many such startups managed to emerge from the ashes, and was further funded and expanded in other parts of the world. They include BitX, CoinHako, ZebPay, DXMarkets and many other financial service companies.