Bitcoin users in LatAm will now be able to send the cryptocurrency to any Lightning-enabled Wallet as a result of Tauros‘ partnership with IBEX, as the Bitcoin exchange adopts all- Lightning Network power.
“Lightning is leading the most radical financial empowerment in history and will set a new standard for the rest of the networks in the market. Bitcoin is the king of digital transactions, but without Lightning it’s stuck in the financial slow lane.” Said Salvador Melendez, CEO of Tauros. “We are proud of being the first exchange in LatAm to deliver this incredible technology to our community of tech-savvy users who demand and expect that businesses start harnessing the incredible powers that Lightning confers.”
Mexico is rapidly becoming one of the leading countries for Bitcoin adoption. Nevertheless, its usage has traditionally been driven by store-of-value; the barriers faced by BTC for massive adoption or everyday use have been an issue regarding fees and delivery time.
These challenges disappeared in a flash when Tauros integrated Lightning technology partner, IBEX. Tauros is using IBEXHub, the company’s Lightning-as-a-Service technology, which allows its partners to incorporate Lightning payments within their ecosystem. Now, anyone using the Tauros app can fund or withdraw Bitcoin and use any Lightning-enabled POS to make seamless purchases directly from their Tauros wallet – and in their local currency.
“If 2021 was the year that Lightning burst into the Bitcoin ecosystem, 2022 will be remembered as the year Bitcoin truly became transactional and started transforming people’s financial lives,” said Mario Aguiluz, VP of LatAm at Ibex Mercado. “Pioneering exchanges like Tauros are delivering the future of Bitcoin, today – and that’s sending shockwaves through the financial ecosystem.
“Lightning turns Bitcoin from a store of value to a medium of exchange,” continued Aguiluz. “By harnessing Lightning to make Bitcoin transactions simple, seamless, affordable, and inclusive, exchanges like Tauros are showing the way for banks and other financial institutions, who now can provide services to the four billion un- and under-banked people in the world we saw at Bitcoin 2022, banks and other financial service providers are incredibly excited about the potential of Lightning. By enabling instant payments in local currency, it removes the last major hurdle to regulatory acceptance by removing volatility from the equation.
“It’s a once-in-a-lifetime business opportunity for banks and businesses to massively expand their customer base practically overnight and start providing services to people once considered ‘economically unreachable’.”