Bitcoin
$37,872.20-0.91%
Ethereum
$2,045.34-0.73%
Binance Coin
$226.93+0.02%
XRP
$0.60383172-1.26%
Solana
$60.51-0.23%
Cardano
$0.37529551-2.60%
Dogecoin
$0.08173849-1.19%
Tron
$0.10727348+0.88%
Toncoin
$2.47+0.47%
Chainlink
$14.62-1.11%
Avalanche
$20.88-0.37%
Polygon
$0.77964514+2.35%
PlayIconNav
Crypto Prices CoinDesk Market Index CoinDesk Market Index
Markets

Mexican Bitcoin Exchange Bitso Acquires Competitor

Mexican bitcoin exchange Bitso has acquired competitor Unisend Mexico in an attempt to consolidate its market share in the region.

By Yessi Bello Perez
AccessTimeIconJun 10, 2015 at 12:02 p.m. UTC
Updated Dec 10, 2022 at 8:12 p.m. UTC
mexico city flag

Crypto Use Is Taking Off in Mexico

10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Mexican bitcoin exchange Bitso has acquired competitor Unisend Mexico in an attempt to consolidate its market share in the region.

A relatively small exchange, Bitso's trading volume in the last 24 hours stood at approximately $7,671 (33.4 BTC) – less than 1% of US exchange Coinbase, which had reached $1.34m at the time of press.

Speaking to CoinDesk, Pablo González, CEO at Bitso, said:

"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. 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."

Bitso, which acquired Unisend Mexico for an undisclosed amount, will be taking on Jose Rodriguez, its former CEO, as vice president of payments.

Commenting on the acquisition, Rodriguez was confident the new team would accelerate growth and surpass competitors Volabit and Mexbthttps://mexbt.com/en/ to become the leading bitcoin exchange in the country.

Fomer Unisend customers will be migrated to Bitso, according to the pair.

Boom and bust

As previously reported by CoinDesk, Bitso launched an e-commerce platform and point-of-sale (POS) system, BitsoPagos in January this year.

Gonzalez, who said the bitcoin market is set to "boom", seemed positive about the digital currency's future, noting how it could help Mexico's remittance market and cross-border payments.

The merger follows the closure of various bitcoin exchanges including Canada's CARVITEX – later acquired by New York platform Coinsetter in April – and Vault of Satoshi.

Elsewhere, BTCXIndia shut down operations in May.

Disclaimer: CoinDesk founder Shakil Khan is an investor in BitPay.

Mexican flag image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.