meXBT will accelerate its expansion into Asia and Latin America, and target trading SMEs with this move
Mexico-based digital currencies exchange platform, meXBT has announced it has acquired Singapore-based digital currencies brokerage platform, Coin Republic, for an undisclosed amount.
By leveraging Coin Republic‘s platform, meXBT will be able to accelerate its expansion through alliances and acquisitions that create ‘Digital Transaction Hubs’ in the major financial centres worldwide by using blockchain technology as the basis of this system.
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“Bitcoin and blockchain technologies bring clear efficiencies to the registration, movement and exchange of assets. meXBT has several strategic alliances all over the world. By providing a local liquidity provider, individuals and businesses in Singapore will be able to utilise this new more efficient rails of value transfer,” said David Moskowitz, Founder of Coin Republic.
Blockchain technology enables the storing of all Bitcoin transactions in a distributed public database. It also has uses that go beyond Bitcoin.
“Coin Republic 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,”said Gabriel Miron, founder and CEO of meXBT.
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Last year, Coin Republic’s transactions surpassed US$1 million.
“Through our platform, transactions between companies of Singapore and Mexico can be done in minutes, using the latest technology combined with a solid legal and fiscal background, providing more commissions than the regular financial market,” said Joel Cano, meXBT’s COO.
This acquisition is another indication of Singapore’s growing attractiveness as a hub for digital currencies. Just two weeks ago, e27 reported a US$4 million investment in Singapore-based Bitcoin platform BitX in a series A round led by Naspers Group.
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