Crypto firm Bitso Powers Felix’s Whatsapp-Integrated Remittances
Bitso, a Latin American-based crypto firm, has collaborated with Felix Pagos, a chat-based payments platform, to provide Whatsapp-based remittance services. Through this partnership, several individuals in the United States and Mexico can send remittance services using Whatsapp.
In the past months, remittances have been a major usage of digital currencies. However, inadequate knowledge of these assets has slowed down the adoption rate.
Bitso’s latest partnership with Felix Pagos will allow those not crypto-savvy to use crypto. For example, Felix users could seamlessly transfer remittances between the US and Mexico.
According to reports, the transactions use Bitso’s backend server, which means transactions are completed quickly. Transaction settlements take only about 45 seconds before the receiver gets the funds.
Carlos Lovera, Bitso’s top executive, commented, “by partnering with Félix Pago, we are proving that remittances transferred can be simple, inexpensive, and quick. Also, it proves that cryptos can directly assist people and address the difficulties they face in reality.”
Furthermore, The Mexico-United States remittance gateway is critical to both businesses. In October alone, it received $5.36 billion in payments from Mexican nationals in the United States.
At its debut, the service was exclusively accessible to those in Mexico. However, both entities plan to extend this feature to additional nations in Latin America (LATAM) soon.
Bitso’s Remittance Service In Colombia
In the remittance system, Bitso’s backend functions as a bridge and liquidity provider. This allows users of Felix Pago to receive USD remittances.
Also, the USD is automatically converted to Mexican Pesos before it enters the Mexico-based account. This functionality is possible as USDC functions as the base asset in the whole setup.
Bitso crypto exchange has experience with remittance services. Besides, the firm already offers its users similar services.
By the end of June, Bitso had helped organize $1 billion worth of remittances. Additionally, the corporation launched a similar service the following month in Colombia. Bitso enabled its Columbia-based users to battle inflation using stablecoins.
Meanwhile, Bitso is the most popular crypto network in Latin America, with a user base of over 5 million people. It operates in Colombia, Mexico, Brazil, and Argentina.
Presently, the crypto firm offers on/off ramps to its customers in Colombia and Mexico. However, the company intends to expand its coverage in these countries shortly.
Félix Pagos is a payments network built on Whatsapp that enables Latinos living in the United States to transfer money back home.
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