meXBT, the Mexican bitcoin trading platform has recently acquired the Singapore based Coin Republic bitcoin exchange. The news regarding the possibility of Coin Republic’s acquisition has been making rounds in the news circles since July 19. However, at that time no information was provided about the acquiring company.
READ MORE: Coin Republic Open for Acquisition
Coin Republic was founded in the year 2013 and it has been actively involved in the Singaporean Bitcoin industry by offering bitcoin exchange services. Apart from being a bitcoin exchange, the company is also involved in promoting bitcoin through educational services in the region. First stream of information about its impending acquisition came from the founder David Moskowitz himself.
Working on BYOW (Bring Your Own Wallet) model, Coin Republic has been charging a flat 1.9 percent of the transaction value as straight commission without implementing any spreads like other exchanges. The state of the art Coin Republic platform boasts of secure 256bit SSL encryption protocol applied to all transactions.
meXBT – Exchange Mexicano de Bitcoin (The Mexican Bitcoin Exchange) on the other hand is on an expansion spree and like its US and Canadian counterparts it has been eyeing the attractive South Asian market for a while. Now with the acquisition of Coin Republic, meXBT has successfully entered the market. Like Coin Republic, meXBT is also founded in 2013 during the early stages itself, it had successfully raised $150,000 from Seedcoin.
In the coming 2-3 months, meXBT will successfully migrate Coin Republic’s customers to its platform and David Moskowitz will continue to run meXBT’s Singaporean office. However, it is still unclear about whether meXBT will retain Coin Republic’s name or not. Coin Republic’s acquisition will help meXBT to double its total user base to cross the 6000 mark. It is also expected to see an increase in transactions by 25 to 30 percent month on month.