Jose Lemus, CEO of Ibex Mercado, hints at a future where prominent entities could all possess Lightning capabilities, influencing a paradigm shift in digital payments.
The Bitcoin 2023 event held in Miami, Florida, one of the world’s major Bitcoin gatherings with a price tag of $30,220 per Bitcoin, concluded without the usual celebratory declarations. Previous conferences have marked significant milestones, like country-wide adoption, large-scale crypto assimilation in the US, and global acceptance of Bitcoin across islands and territories.
A Significant Under-the-Radar Partnership
However, at Bitcoin 2023, an impactful alliance, potentially influencing the 15th largest global economy, quietly took shape. The CEO of Ibex Mercado, José Lemus, wrapped up the Bitcoin 2023 Industry Day with an announcement of a partnership with Grupo Salinas, one of Mexico’s largest business conglomerates. Essentially, this collaboration would enable millions of Mexicans to pay their internet bills at the well-known telecom company, Total Play, through the Bitcoin Lightning Network.
Importantly, Grupo Salinas presides over numerous enterprises across Mexico. Its billionaire founder, Ricardo Salinas Pliego, a prominent Bitcoin maximalist, is ranked third among the country’s wealthiest individuals.
The Growing Bitcoin Adoption in Mexico
The Bitcoin Lightning payment integration already extends Bitcoin accessibility to millions of Mexicans. However, as Lemus pointed out, Total Play is but a minor player in the massive Salinas conglomerate:
To depict the partnership’s significance, Lemus compares it to well-known entities owned by one individual, hinting at their future Lightning capabilities. He believes this is just the beginning of a larger wave of Bitcoin and Lightning integrations in Mexico, attracting more Bitcoin-related business.
Bitcoin and Fiat Currency Interaction
Lemus highlighted the flexibility of Bitcoin and fiat currency interaction in Mexico, particularly when converting wallet balance to Mexican pesos or maintaining customer balances in exchanges. These operations are possible via CoinPro or Grupo Salinas.
The partnership marks the inception of Lightning functions across Grupo Salinas. There will be a Lightning app dedicated to employees and an engagement-focused super app for soccer teams.
Expanding Opportunities with Bitcoin
The Australian baseball team, Perth Heat, embraced a Bitcoin standard in 2021. Players’ salaries were paid in Bitcoin, and fan engagement activities involved the Lightning Network. Similarly, the Grupo Salinas-owned football clubs, Mazatlán and Club Puebla, could offer fans free Bitcoin or satoshis for simply scanning a QR code on the stadium screen when a player scores.
Ibex Mercado recognizes the vast opportunities for financial inclusion presented by the Lightning Network. Lemus emphasized the potential benefits of wider Bitcoin adoption for the unbanked and underserved populations. True financial inclusion, according to him, is more than just banking the unbanked, it involves raising funds for your company and opening to a broader market.
Mexico: A Bitcoin Haven?
Lemus anticipates that Mexico will become a significant hub for Bitcoin growth. While it’s still early days for such technology, an extra 1% earning already seems promising. As a final note, Lemus suggests that Mexico might soon offer a lifestyle predominantly run on Bitcoin, similar to El Salvador, within a reasonable 18-month time frame. However, he acknowledges that taxes and rent may not be payable in Bitcoin just yet.
The alliance with Grupo Salinas took 18 months of labor and planning, Lemus shared. More partnerships and projects are anticipated in Mexico, although it’s still early to reveal specifics, Lemus concluded.