Mexican Bitcoin exchange BitSo recently acquired competitor Unisend Mexico with the aim of mousetrapping the maximum regional market share.
According to the available reports, the aforesaid deal is relatively very small to what we normally encounter in digital currency markets. However, its impact is expected to be amplified in a developing Bitcoin word in Mexico. BitSo, which is comparatively a smaller exchange than its multi-million dollar counterparts, is aiming to be the earliest companies to tap on Bitcoin’s potential in this Latin American region.
The saying perfectly reflects in the company’s recent decisions to expand its operations in the aforesaid terrain. For instance, BitSo had launched a full-fledged e-commerce platform and point-of-sale system, BitPagos, in Mexico this year. This ultimately enabled local customers to pay with Bitcoin as comfortably as they pay with other traditional options — MasterCard, Visa, etc.
BitSo’s CEO, Pablo González, admitted that their company is currently accumulating the resources to prepare for a bigger round of underlying opportunities. “Although we feel strongly that the market is on the verge of significant growth, right now it doesn’t really make sense to have such a diffused effort,” he told CoinDesk.
“Consolidation makes sense at this point, in preparation for the huge potential that we see coming with remittance partners poised to begin activity over the bitcoin rail.”
The Mexican Bitcoin Law
‘And miles to go before they sleep.’ Despite of BitSo’s impeccable efforts in creating a viable Bitcoin ecosystem in Mexico, the company is still likely to face government’s ploy. According to a statement by the Central Bank of Mexico issued last year, virtual assets such as Bitcoin are not a legal tender and thus cannot be used to purchase and sell goods and products.
The statement however came more like a usual warning which reminded users of Bitcoin’s risks as a tradable asset. In the same notice, the government promised to monitor digital currency sector to rule out pertinent regulations which, until now, has not been released.
This might be one of the major reasons why other Bitcoin companies have stayed away from experimenting inside the Mexican bazaars. BitSo, on the other hand, is very sure of a better tomorrow. We just hope that, as a leading Bitcoin company in Mexico, they push for an innovation friendly law for Bitcoin companies.