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LATIN AMERICAN CRYPTO EXCHANGE BITSO HANDLED $1B IN CRYPTO REMITTANCE

LATIN AMERICAN CRYPTO EXCHANGE BITSO HANDLED $1B IN CRYPTO REMITTANCE

This amount represents 400% growth compared to the same period in 2021, the company said, adding that it hopes to process $ 2 billion in global remittances in Mexico alone by 2022.


“There is no doubt that Mexico-U.S. The tunnel is a very important market for us. Most people in the tunnel rely on income to meet their basic needs and this reinforces our commitment to bring cross-border payment services to the countries where we operate, ”said Carlos Lovera, Bitso's business development leader.


Bitso has considered 4% of remittances sent to Mexico in the first half of 2022, according to the company, which added that it aims to reach 10% of the market by 2023.


"When we started the company, we talked about whether crypto could be used for remittances and I dreamed of a country where Bitso could process 1% of U.S. remittances to Mexico," Bitso official Daniel Vogel told CoinDesk in the Consensus. 2022.



Bitso, which operates in Mexico, Brazil, Argentina and Colombia, reached 5 million users in June. The company recently laid off 80 employees, citing its "long-term business plan," although it did not mention the difficulty of raising funds.


In November, Bitso partnered with Circle to launch an international cable transfer product that allows small and private businesses to convert their dollars into stablecoins and convert them into Mexican peso.


One month later, an exchange of Tribal Credit partners introduced a B2B cross-border payment option that allows the conversion of Mexican pesos to Stellar USDC between Mexico and the U.S.


According to the World Bank, Mexico became the second largest exporter in 2021, following India. Of the $ 51.6 million it received last year, 95% came from the U.S., according to a central bank in Mexico.


The Mexican remittance market has attracted the attention of crypto players around the world. In May, Tether unveiled its MXNT token identified in the Mexican peso, and in February, Coinbase (COIN) launched a cash withdrawal service in Mexico to convert crypto into fiat.

Source: yahoo




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