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:
Bitso, which acquired Unisend Mexico for an undisclosed amount, will be taking on Jose Rodriguez, its former CEO, as vice president of payments.
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.
Elsewhere, BTCXIndia shut down operations in May.
Disclaimer: CoinDesk founder Shakil Khan is an investor in BitPay.
Mexican flag image via Shutterstock
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.