Bitcoin 2023, the annual conference held in Miami, Florida, was relatively subdued this year, lacking the high-profile announcements of previous years. However, a significant partnership with the potential to impact Mexico’s economy went unnoticed.
José Lemus, CEO of Ibex Mercado, made an important announcement during Bitcoin 2023 Industry Day. He revealed a partnership with Grupo Salinas, one of Mexico’s largest corporate conglomerates.
The collaboration aims to enable millions of Mexicans to pay their internet bills at Total Play, a popular telecoms company, using the Bitcoin Lightning Network.
The Salinas Group, owned by billionaire founder Ricardo Salinas Pliego, operates numerous businesses across Mexico and is known for its support of Bitcoin.
This integration not only facilitates Bitcoin adoption for millions of Mexicans but also extends Lightning capabilities to a range of retailers within the vast Salinas conglomerate. Lemus compared it to a scenario where Best Buy, Bank of America, Fox News, and an NFL team were all owned by the same individual, stating that they would all have Lightning capabilities in the future.
Lemus highlighted that this partnership is just the beginning of Lightning functionality across Grupo Salinas.
The conglomerate plans to develop a Lightning app for employees and a super app for soccer teams to enhance fan engagement through innovative ways, similar to the Perth Heat, an Australian baseball team that adopted Bitcoin as a standard currency.
The Lightning Network integration presents opportunities for financial inclusion in Mexico. Lemus emphasized the potential to bank the unbanked and underserved populations, as well as the broader benefits of financial inclusion, such as access to funding and expanded markets.
He expressed his belief that Mexico could become a thriving Bitcoin destination.
While the timeline for complete Bitcoin integration in daily life may still be some time away, Lemus estimated that within 18 months, individuals could conduct most of their activities using Bitcoin.
However, certain areas, such as taxes and rent, might not yet operate on Bitcoin.
The partnership with Grupo Salinas required 18 months of preparation, indicating the complexity of implementing such initiatives. Lemus indicated that more partnerships and projects are on the horizon in Mexico, although details are not yet available.
Overall, 2022 witnessed promising progress in Bitcoin and cryptocurrency adoption in Mexico, including the establishment of crypto remittance companies and the expansion of crypto exchanges.
With the Lightning partnership between Ibex Mercado and Grupo Salinas, the path to wider Bitcoin adoption in Mexico seems increasingly favorable.
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