The Mexican leader exchange platform of digital currencies in Mexico, meXBT, announced the acquisition of the company owned and operated by CoinRepublic, the most establish and respected digital currency brokerage in the Republic of Singapore.
"When we saw the business plan and objectives of expansion in Asia that meXBT had, we immediately found similarities and clear benefits all our customers," said David Moskowitz, founder of CoinRepublic.
With a precise regulatory regime and an excellent banking system which serves the main holders of financial assets from Asia, Singapore has become the center of innovation in financial technology (FinTech) in Asia. That is why the Mexican startup, established since Q1 2014, decided to internationalize its business and consummate the purchase.
The Central Bank of Singapore (MAS) also announced the creation of a FinTech Innovation specialized group, which will be responsible of regulatory policies and the development of strategies in order to boost the financial sector of their country.[i]
"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 markets in terms of financial innovation; establishing meXBT in Asia. We see this as a first step to allowing highly efficient payments crossborder between Asia and Mexico." said Gabriel Miron, founder and CEO of meXBT.
meXBT`s growth strategy is to pursue their expansion through alliances and acquisitions that create "Digital Transaction Hubs" in the major financial centers worldwide by using 'Blockchain' technology as the basis of this system. According to a recent World Bank report[ii], Singapore is the third largest economy export orientated, reaching more than 190% of its GDP in this single category.
"With our platform using Bitcoin as an intermediary system, transactions between companies of Singapore and Mexico can be done in minutes. We are using the latest technology combined with a solid legal and fiscal background, providing more attractive commissions than the regular financial market" said Joel Cano, meXBT’s COO.
The Mexican platform meXBT, is one of the leading exchange platforms in Latin America, which will continue encouraging companies to use BlockChain technology and Bitcoin as a potential new payment method and which will help them expand their business options.