Lightning Network's new partnership will boost Bitcoin adoption in Mexico

This alliance is all set to revolutionise internet bill payments and pave the way for financial inclusion

Published: Jun 23, 2023 06:48:44 PM IST

Image: Shutterstock

The recently concluded Bitcoin 2023 Conference in Miami, Florida, witnessed an exciting announcement that has the potential to impact Mexico's economy significantly. CEO of Ibex Mercado, Jose Lemus, took the stage to unveil a groundbreaking collaboration with Grupo Salinas, one of Mexico's largest corporate conglomerates. This partnership aims to revolutionise how millions of Mexicans pay their internet bills by introducing the Bitcoin Lightning Network.

The significance of this collaboration lies in the fact that Grupo Salinas owns numerous businesses across Mexico, and its founder, Ricardo Salinas Pliego, is not only a billionaire but also a well-known Bitcoin advocate. With such influential backing, the partnership drives widespread Bitcoin adoption among Mexicans.

Lemus emphasised that this is just the beginning, envisioning a future where other major entities within the Salinas conglomerate, such as Best Buy, Bank of America, Fox News, and even an NFL team, embrace the Lightning Network's capabilities.

Lemus believes that the collaboration between Ibex Mercado and Grupo Salinas represents a fundamental step towards realising the full potential of the Lightning Network. The plans go beyond enabling Bitcoin payments for internet bills; they involve developing Lightning apps for employees and soccer teams, drawing inspiration from the successful Bitcoin initiatives implemented by the Australian baseball team, Perth Heat, in 2021.

Ibex Mercado recognises the tremendous potential for financial inclusion the Lightning Network offers. In the past, the company successfully integrated the Lightning Network for El Salvador's Chivo Wallet, providing millions of Salvadorans with access to essential banking services. By expanding Bitcoin adoption in Mexico, Lemus aims to go beyond basic banking services and empower unbanked and underserved populations, opening up new avenues for raising funds for companies and accessing broader markets.

While living entirely on Bitcoin in Mexico may still take some time, Lemus suggests that within approximately 18 months, conducting most daily activities with the crypto could become feasible. However, certain aspects may still require traditional fiat transactions. The collaboration between Ibex Mercado and Grupo Salinas, which has been in the making for 18 months, is just the beginning. Lemus hints at more partnerships and projects for Mexico's Bitcoin landscape.

Mexico's increasing interest in Bitcoin and cryptocurrency adoption, evident through establishing crypto remittance companies and expanding crypto exchanges, positions the country at the forefront of a digital revolution. With Jose Lemus's vision and key players' collaborative efforts, Mexico is poised to shape its economic landscape by embracing the transformative power of digital currencies.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash