IBEX Mercado, a Bitcoin infrastructure provider, partnered with Guatemala-based startup OSMO Wallet to allow Latin American users to make Bitcoin transactions.
The two partners are focused on designing Bitcoin infrastructure in regions where the vast majority of the population (70%) is still under- or unbanked in spite of smartphones being extremely popular in the region.
Guatemala also has a large smartphone user base and, with increasing connectivity, allowed OSMO Wallet to join hands with money transfer providers such as AirPak to enable customers to make Bitcoin-cash exchanges. Currently, AirPak is active in 8000+ retail locations in countries such as Costa Rica and Mexico.
According to OSMO Wallet’s co-founder, Latin America currently is one of the ‘most under-banked regions on the globe’. He considers that Bitcoin could make a change for the better. In his view, the main obstacle preventing Bitcoin adoption in this region was represented by the absence of viable opportunities to perform Bitcoin-cash exchanges.
OSMO Wallet’s platform will leverage IBEX’s infrastructure to carry out Bitcoin transactions by using tools such as the Lightning Network. Users will receive access to buying, selling, and transacting Bitcoin without needing to change their account settings. Furthermore, IBEX’s API (Application Programming Interface) will allow OSMO Business to bring more retailers on board and enjoy the benefits of Lightning Network-enabled transactions.
In addition, through IBEX’s application programming interface (API), OSMO Business is able to onboard more merchants and utilize the benefits of transacting with the Lightning Network.
OSMO’s goal is to bring 1 million retailers on board by adopting a standard for Bitcoin by 2027.
