The operation consists of funding an account in Mexican pesos and then buying crypto assets. Since last January 27th, Mexicans can also use the service to buy Dash.
Tauros, the Mexican platform that allows users to manage their accounts in Mexican pesos (MXN), US dollars (USD) and cryptocurrencies, recently incorporated the possibility for its users to add funds to their accounts in that exchange, through the 11,000 ATMs that the banks BBVA and Banamex have distributed throughout Mexico.
With the new service, users can take advantage of the integration of Tauros with the network of ATMs of the banks BBVA and Banamex deployed in the country to acquire cryptocurrencies through bank deposits in cash, which can also be done at any of the cashier windows of these financial institutions.
The operation consists of adding funds, in Mexican pesos, from the ATM or cashier window to the user’s account in Tauros. That money can be used to acquire the equivalent in available crypto assets such as Bitcoin (BTC), Bitcoin Cash (BCH), Zach (ZEC), Litecoin (LTC) and Dash (DASH), according to information provided by the Mexican platform.
Last January 27th, Dash Core Group announced that its cryptocurrency can also be acquired through the service offered by Tauros, thanks to a commercial alliance that will allow them to be available to unbanked citizens that live in Mexico, where the use of cash still predominates.
Tauros began operations in Mexico last October 3rd to massify the use of cryptocurrencies as another method of payment. Its services, which it describes as “neobank”, allowed facilitating its alliance with the country’s financial institutions. This new bank concept offers banking intermediation services, through a 100% digital business model, which is well seen by BBVA, according to its website.
BBVA Research considers that the novelty of “neobanks” consists of their focus on offering a better customer experience, with closer proximity through mobile or other non-attendance-based channels, and their emphasis on transparency and reduction of fees. It was also explained that, through its alliance with these financial institutions, BBVA increased its presence in the United Kingdom, the USA, Brazil, and Finland.
There are other alternatives to acquire cryptocurrencies using fiat money in Mexico, among which is the platform Latamex, launched by Binance in mid-December 2019. Since that moment, users can access the new Binance service by directly entering the platform to buy or sell BTC, BNB, and ETH. Also included is the dollar-anchored cryptocurrency BUSD, approved by the New York Department of Financial Services, as was announced on the website.
Besides, the exchange Kapytal, which announced in the middle of last year its new alliance with Pundi X, will offer points of sale for Bitcoin and other cryptocurrencies. With this agreement, Kapytal will allow the citizens of Mexico to buy Bitcoin, Litecoin, Ether, Binance Coin, and DAI through these points of sale. They will offer their services as a liquidity and retention fund provider, for the settlement of transactions. In other words, they ensure that the funds, in both cryptocurrencies and fiat money, will be delivered to whom they correspond.
To conclude, it should be that another alternative in Mexico is the use of Bitcoin ATMs, most of which are located in the capital, Mexico City, where they can be found in five locations.
By Alexander Salazar