While bitcoin transfers are well associated with cafes in Prague and tech development sites in London and Palo Alto, the currency could see some use in a broader global market which includes working class users turning to bitcoin to provide for family members abroad. This is particularly possible in the context of Mexican immigrants and Mexican Americans working in the US who send money to their families in Mexico. Cryptocurrency trading platform meXBT, the first trading platform for bitcoin in Mexico, is allowing for transactions that allow the transfer of money in bitcoin. Bitcoin transactions are also available in over 130,000 businesses in Mexico and ATM equipped to process Bitcoin are already present in Tijuana. Bitcoin could offer an easier and quicker way to transfer and exchange money across borders, allowing for better connections between bitcoin users here in the US and in all corners of the globe.
“In order for us to be successful in this market in Latin America we have to think outside of the bitcoin community,” said Joel Cano, cofounder of the meXBT trading platform. “We have to think as a solution for people that might have searched for banking solutions but haven’t found what works for them.”
MeXBT highlights its connection and dependence on banks to foster local interest in bitcoin. The partnership between traditional financial institutions and bitcoin could point to the cryptocurrency’s position in the financial landscape of today. While some have portrayed the relationships between cyber and fiat currencies and financial platforms as adversarial, the broadening of bitcoin’s base to the Mexican market shows how the two institutions are reliant on one another. Bitcoin users and bank patrons on both sides of the border are dependent on both systems in order for the money-transferring plan to work.
Read More – Bitcoin and Banking, Progressively Intertwined (American Banker, Hayden Gill)
Mexican Bitcoin Exchange MeXBT Eyes Latin American Trade And Remittances (CoinDesk, Tanaya Macheel)