Xoycoin debuts as the first Mexican cryptocurrency
2 min readTL;DR Breakdown
• Xoycoin will be used to avoid paying commissions on bets.
• MetaMask, Bitso, and Uniswap will open investments with the token from today.
The Xoy Capital company, located in Jalisco, Mexico, showed its new technology focused on the Xoycoin cryptocurrency. The token would be the first cryptocurrency in Mexico to be based on ETH. It is expected to be launched today, 26th of July, with investments starting at 20 pesos.
The cryptocurrency is seen as a utility token. The initial value of the token is 8 pesos which would be about $0.40. This low price allows many crypto market fans to take the initiative to purchase the token.
The crypto purchase can be completed on MetaMask, Uniswap, Bitso, and the Xoy Capital website. The company’s CEO points out that since 2020 they have been working to build the token with ETH technology. The crypto will serve as a payment form in the company, and by the end of the year, it will be included in the betting websites.
Xoycoin: Mexico’s cryptocurrency with a promising future
The Xoy Capital CEO adds that many companies in the country are accepting cryptocurrencies. It is not surprising that the crypto market has become a new finance system for Mexico and other countries in Central America.
People will buy ETH and then exchange the token for Xoycoin to use it within Mexico as an authorized means of payment. With this crypto, the investor will have the possibility of making money and saving it.
The Xoycoin token focuses its price on the shares of Xoy Capital, which is the company that manages it. This company controls the firm “Híjole,” dedicated to tequila and other recognized brands in the country.
On the other hand, the company also participates in sports with YOX Holding and betting with Upick. Even Xoy Capital has shares in three sports groups dedicated to baseball, football, and basketball.
The company’s purpose is to create a financing system with low commissions and open international payments. If, for example, the user decides to bet on Upick, the commission payment will skip funding the betting profile.
The token has more than 700 million digital currencies, and at least 5 percent will be offered on Uniswap. However, due to the popularity that crypto has had in recent weeks, there could be a short supply quickly.
Xoycoin’s legality in Mexico
According to the Xoy Capital CEO, the Fintech law that applies in Mexico only focuses on banks. In this way, the cryptocurrency Xoycoin can be a legal tender in the country.
There is nothing to stop the token and its use for sports betting. Mexico could become the first country in Central America to take advantage of cryptocurrencies to create decentralized financing systems.
