Singapore’s Coin Republic Acquired by Mexican Bitcoin Exchange meXBT

Regarding the acquisition, David Moskovitz, founder and principal of Coin Republic, said: “When we saw meXBT’s expansion plans and goals in Asia, we immediately resonated with it. This will be a great opportunity for all customers to benefit.”

With its tight regulatory regime and outstanding banking system, Singapore, which serves almost all of Asia's major financial asset holders, has become the heart of financial technology innovation in Asia. Now, Singapore is working hard to make digital innovation a core part of its economic development.

According to TechCrunch (a technology media focused on reporting technology news, startups and reviewing new Internet products), as early as July 2015, the Singapore government announced that it would invest US$166 million in the development of financial technology over the next five years, which means that Singapore is a strong leader in the success of financial innovation.

Startupbootcamp FinTech, one of Europe's largest financial technology development programs, established a Singapore branch earlier this year and is working with government agencies and local banks to promote the advancement of financial technology.

Recently, with the development and progress of society, the Monetary Authority of Singapore (MAS) announced the establishment of a dedicated financial technology innovation team to formulate feasible supervisory regulations and development strategies to promote the development of Singapore's financial industry.

The acquisition of Coin Republic and other digital currency exchanges in Asia is also part of meXBT’s development. It began its overseas expansion plan in the first quarter of 2014, targeting two emerging markets in Latin America and Asia, mainly to expand its service scope to small and medium-sized enterprises.

“I’m very excited about this, Coin Republic is a very reputable brand in the Asian market, so this acquisition gives us the opportunity to enter developed markets in terms of financial technology innovation and makes meXBT the preferred choice for cross-border payments in Asia and Mexico,” said Gabriel Milon, founder and CEO of meXBT.

The acquisition of Coin Republic provides meXBT, the world-class electronic trading platform developed by the company, and US-based technology provider AlphaPoint with access to more clients.

meXBT’s development strategy aims to establish a “digital trading hub” based on blockchain technology in major financial centers around the world through alliances and acquisitions.

According to the World Economic Forum, in 2013, Singapore had become the largest export-oriented economy, with more than 190% of its GDP being exported, including goods and services.

Joel Cano, COO of meXBT, said: “Through our platform, using state-of-the-art technology, companies in Singapore and Mexico can complete transactions within minutes.”

As the economy develops, the markets in Latin American countries continue to mature. As a platform that provides cross-border transactions for enterprises and individuals, meXBT has begun to challenge the throne of market leaders. With the development of emerging markets, the acquisition of Coin Republic has made meXBT a bridge to promote the flow of funds between the two regions.

According to official statements, Hong Kong-registered company Bit Power will fully share ownership of the Coin Republic corporate entity to continue to maintain the growing Singapore market.

When asked about the current state of development, Moskowitz responded: “I am very much looking forward to working with Gabriel at meXBT. In addition to enhancing liquidity in the local market, we will also provide more advanced services in the future. Bitcoin and blockchain are both innovative in areas such as remittances, payments and trade finance. If this can bring higher efficiency to the market, it will be great.”

The acquisition is a boon to the local economy. Back in October 2014, in a statement to Coin Telegraph, Adam Draper, founder of Boost Incubator, said: “In the development of Bitcoin, a global orientation is essential. At the same time, I firmly believe that Singapore is the stage for Bitcoin in Asia.”

As the center of the development of digital currencies and financial technologies such as Bitcoin in the Asia-Pacific region, Singapore is often compared with Hong Kong. Speaking to Coin Telegraph and CoinHako co-founder Yusho Liu said: "Singapore has always been a guide for many Bitcoin companies due to the positive attitude of the regulators."

The recent success of BitX’s funding, coupled with the combination of technology companies and emerging markets, is a big step forward for the large number of unbanked people in the Asia-Pacific region.

In an interview with Tech in Asia in October 2013, Samir Nigel, founder and principal of Find Your Bitcoin Sweden (FYB-SE) in Singapore, said that a small number of Bitcoin users, conservative consumers and a lack of knowledge about the currency would hinder Singapore's rise as a development hub.

However, Nigel added: “There is a bright side to this – Singapore has strong financial resources, a large number of investors and businesses that will benefit from Bitcoin. As a financial services center with a large number of investors, Singapore has great potential for development.”

At present, as the economic system becomes increasingly mature, Singapore seems to have occupied a favorable position and chosen the right direction of development.