Bitso Partners With Felix Pago to Offer Whatsapp-Based Remittance Services Between Mexico and US

Bitso, a Latam-focused cryptocurrency alternate, has partnered with chat-based funds supplier Felix Pagos with a view to supply Whatsapp-integrated remittances. The goal of this partnership is to place almost immediate chat-based remittances within the fingers of Mexican and US customers that is likely to be intimidated by crypto tech in any other case.

Bitso to Power Felix Pagos Whatsapp-Integrated Remittances

Remittances have been a giant use case for cryptocurrency, however the relative lack of information of those instruments has slowed adoption on this enviornment. Bitso, one of many largest crypto exchanges in Latam, with greater than six million customers, has partnered with Felix Pagos, a chat-based funds supplier, with a view to facilitate the usage of crypto for remittances utilizing Whatsapp.

Through the usage of Whatsapp, customers of Felix Pagos will be capable of ship remittances with out understanding they’re even utilizing cryptocurrencies. This would enable such remittances to achieve audiences which are usually not crypto savvy, together with the aged. The transactions are stated to take 45 seconds to ship and allow close to real-time settlement because of Bitso’s backend.

Carlos Lovera, improvement chief of Bitso Business, said:

Working hand in hand with Félix Pago, we’re demonstrating that remittances might be extraordinarily straightforward, low-cost, and quick to ship and that cryptocurrencies are able to immediately benefiting folks and fixing their real-world issues.

The Mexico-US remittance hall has nice significance for each corporations, as simply in October it registered $5.36 billion despatched by Mexicans residing within the U.S. The service is just obtainable to Mexicans on the time of launch, however Bitso and Felix Pagos purpose to broaden this performance to different international locations in Latam sooner or later.

Inner Workings

The system makes use of Bitso’s backend as a liquidity supplier and bridge that enables Felix customers to obtain U.S. greenback remittances as Mexican pesos in a Mexico-based checking account. This is feasible by way of the usage of USDC, which acts as the bottom asset for the system, based on Stellar’s use case study.

However, Bitso shouldn’t be new to the remittance enterprise, as the corporate additionally offers related providers for its clients. By June, Bitso had facilitated remittances of $1 billion. Also, the corporate introduced an identical service in Colombia In July, powered by stablecoins to keep away from volatility and inflation.

What do you concentrate on the partnership between Bitso and Felix Pagos to facilitate Whatsapp remittances between Mexico and the US? Tell us within the feedback part beneath.