transactions Mexican Bitso (with 5 million users) has teamed up with the Africhange platform (Canada has around 15,000 users) to facilitate crypto remittances in Mexico, thus allowing cross-border transactions from anywhere in Canada.
Olatunji Obao, Senior Product Manager, Africhange, disclosed the following to FineExtra:
“taking advantage of it” blockchain And partnering with Bitso, one of Latin America’s largest cryptocurrency platforms, we aim to provide a cross-border trading experience that is seamless, cheap and fast. We do this by addressing some of the most pressing problems we experience when sending money home: transfer speeds, transfer costs and exchange rates.”
In the first semester, Bitso processed one billion dollars in cryptocurrencies and anticipates processing $2,000 million for this year. By 2023, it expects to process 10% of remittances sent from the United States to Mexico.
Bitso is not alone transactions Which has expressed interest in entering the remittance market between Mexico and the United States. in February, Coinbase Launched Temporary pilot program (until March 31) to send remittances in the form of cryptocurrency from the United States to Mexico, and users will also be able to convert their crypto assets into Mexican pesos.
The crypto remittance market grows in Latin America
transactions Africa has processed over $70 million in remittances between Canada and Nigeria (one of the most crypto adopting countries in the region). Meanwhile, in the first quarter of the year, Mexico received $146 million in remittances from Canada, where about 130,000 Mexicans live.
Carlos Lovera, Head of Partnerships and Business Development at Bitso explained:
“It is exciting to support companies with an aim like Africhange to expand their mission in the Mexican market while achieving our goal of making cryptocurrency useful. This partnership with Africhange aims to bring useful crypto products to immigrant communities.” reinforces our commitment, while reaffirming Bitso’s leadership in one of the most successful use cases for crypto technology: cross-border payments.
According to Finextra, Africhange launched the services in December 2020, helping it to leverage blockchain technology to serve users in Canada. As a company founded by immigrants, the company understands that home remittances play an important role in people’s lives, and reducing transaction costs goes a long way in helping receiving families.
In August, Bitso allied itself with crypto and security custody platform stable coins, Everest, so that users of the latter can make cross-border transactions in any currency (United States or Europe, for example) for Mexican pesos.
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