Singapore-based Bitcoin exchange Coin Republic (Rapid Net Profits Ltd.) has been acquired by Mexican Bitcoin exchange meXBT (Exchange of the Americas SAPI de C.V.) for an undisclosed amount.
News that Coin Republic was potentially being acquired first emerged July 19, with founder and former ESL teacher David Moskowitz suggesting they had undertaken discussions with various parties, while at the same time the official company account was saying they weren’t commenting.
Founded in 2013 to provide both a Bitcoin exchange and Bitcoin educational services, Coin Republic offers Bitcoin exchange services for a flat rate of 1.9 percent, a rate claimed as straight commission on trades that are both transparent, and comes with no hidden spreads on trades that other Bitcoin exchanges apply.
Security wise Coin Republic offers Secure 256bit SSL transactions, and of particular note does not hold on to Bitcoin used in each exchange with the Bitcoin being sent directly to the wallet a user specifies.
“Mexico for its features is an attractive market for Asia and Mexico, in addition to traditional markets like the U.S. and Europe they are increasingly seeing opportunities in Asia,” meXBT Operations Director Joel Cano said in a statement translated (we hope fairly accurately) by Google Translate.
“What we are seeking is to offer these financial services and exchange of payments between companies, and we think that Singapore, as an input to the Asian market, is an opportunity that we must seize to buy a brokerage digital currencies is very similar to exchange business we do.”
Also founded in 2013, meXBT provides Bitcoin exchange services in Mexico, and allows users to buy and sell Bitcoin in either Mexican Pesos or American dollars.
The company makes some bold claims, including that it was built to handle global scale industries while being simple to manage and flexible, complete with a “ground-up implementation by enterprise professionals results in a bullet-proof system, built, managed, and tested by best-of-breed security, database, and systems experts.”
meXBT was founded by a $150,000 seed round from Seedcoin in January 2014.
The company said that it would take two to three months for users to migrate from Coin Republic following the close of the transaction, although it wasn’t clear if the Coin Republic brand would disappear entirely, or simply that meXBT was implementing its own backend systems.
As per of the deal the founder of Coin Republic, David Moskowitz, will be leading the meXBT office in Singapore.
With the acquisition meXBT said that they would double its user base to over 6000 accounts, as well as continuing growth of transactions and users at a rate of between 25 percent and 30 percent per monthby