Xoycoin debuts as the first Mexican cryptocurrency
Mexico is traditionally a cash-based society, but more and more people are turning to decentralized ledger systems to store their wealth. However, one crypto startup in Mexico, Xoycoin, has launched what it calls the first cryptocurrency in the country.
It’s been a struggle for people living in Mexico, mostly in rural areas. With a population of over 120 million, the country’s income averages a little over $7,000 USD a year. In many cases, money is hard to come by, which means that most Mexicans rely on cash to make ends meet. While people are generally accepting of paper money, most of the country has no access to banks, meaning that they have to spend hours every week trekking across town to exchange cash for a few local pesos.
After a year of development, Mexico’s first homegrown cryptocurrency, Xoycoin has finally launched. Developed by a team of programmers from the University of Monterrey, the coin is designed to help boost the country’s budding cryptocurrency industry, and help bring in foreign investment.. Read more about why ethereum is going down today 2021 and let us know what you think.
• Xoycoin will be utilized to prevent having to pay bet commissions. • Starting today, MetaMask, Bitso, and Uniswap will accept token investments.
The Jalisco, Mexico-based Xoy Capital business demonstrated its innovative technology centered on the Xoycoin cryptocurrency. The token would be the first Ethereum-based cryptocurrency in Mexico. Today, July 26th, it is scheduled to be launched, with investments beginning at 20 pesos.
The cryptocurrency is seen as a token of usefulness. The token’s initial value is 8 pesos, which is about $0.40. This cheap pricing encourages many crypto market enthusiasts to buy the coin.
MetaMask, Uniswap, Bitso, and the Xoy Capital website are all places where you may buy cryptocurrency. According to the company’s CEO, they’ve been working on the coin using Ethereum technology since 2020. The cryptocurrency will be used as a payment method inside the business, and it will be accepted on betting websites before the end of the year.
Xoycoin is a cryptocurrency from Mexico with a bright future.
Many businesses in the nation are already taking cryptocurrency, according to the CEO of Xoy Capital. It is unsurprising that the cryptocurrency market has evolved into a new financial system for Mexico and other Central American nations.
People will purchase Ethereum and then swap the token for Xoycoin in order to utilize it as a legal tender in Mexico. The investor will be able to make and save money with this cryptocurrency.
The price of the Xoycoin token is based on the shares of Xoy Capital, the firm that administers it. This corporation owns the business “Hjole,” which specializes in tequila and other well-known brands in Mexico.
The business, on the other hand, is involved in sports with YOX Holding and betting with Upick. Even Xoy Capital has stock in three sports organizations that specialize in baseball, football, and basketball.
The company’s goal is to develop a finance system that has minimal fees and allows for open international payments. If the user chooses to wager on Upick, for example, the commission payment will not be used to finance the betting profile.
Uniswap will provide at least 5% of the token, which contains over 700 million digital currencies. However, owing to the surge in popularity of cryptocurrency in recent weeks, there may be a limited supply.
The legality of Xoycoin in Mexico
According to the CEO of Xoy Capital, the Fintech legislation in Mexico only applies to banks. The cryptocurrency Xoycoin may thereafter be used as legal money in the nation.
Nothing prevents the token from being used for sports betting. Mexico may be the first Central American nation to use cryptocurrency to establish decentralized financial systems.
After a long and bumpy road, the Mexican cryptocurrency, Xoycoin , has finally become a reality. While the project has attracted a lot of criticism from the local press, it’s difficult to deny that the cryptocurrency has managed to achieve its goals.. Read more about mexican crypto coin and let us know what you think.
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