Source: Bitso
Bitso, the leading Latin American crypto exchange with more than 3 million users, has announced an integration with payment solutions from Circle to make it easier, faster, and more secure for Mexican residents to send and receive cross-border payments to or from the United States.
Bitso Shift will enable cross-border payments powered by crypto for both Mexican businesses and individuals who offer their products or services in the U.S. Circle, a global internet finance firm that provides payments and financial infrastructure to businesses of all sizes and the principal operator of the USD Coin (USDC), will provide the payment infrastructure for Bitso Shift to support 24/7, fast, low-cost, and secure transactions using USDC.
By tapping into Circle’s payment solutions, Bitso Shift will enable its users to make deposits and withdrawals via domestic wire transfers, make payments to the U.S. or Mexico, and instantly convert between Mexican Pesos (MXN) and USD-backed stablecoins at competitive market rates.
“At Bitso, we believe crypto’s border-less nature can be leveraged to address some of the financial sector’s most pressing problems,” said Daniel Vogel, co-founder and CEO of Bitso. “We’re incredibly excited to partner with Circle to offer a regulated, low-cost product that will support Mexican freelancers and businesses to thrive in the global digital economy.”
Currently, access to bank accounts for USD is limited to individuals in Mexico who live on the northern border, making it difficult for most self-employed individuals and young companies in the rest of the country to open USD accounts and access competitive products and exchange rates. Even more so, products that are currently accessible to these individuals and small businesses are not only expensive, but also lack transparency. The Bitso Shift infrastructure will offer easier, more affordable, and more secure access via stablecoins to expand commercial opportunities for individuals and small businesses.
“The opportunity for Circle and USDC to be part of making cross-border exchanges seamless between the U.S. and Mexico -- the world’s largest exchange corridor -- is tremendous,” said Jeremy Allaire, co-founder and CEO of Circle. “We’re thrilled to be part of Bitso’s innovation demonstrating how blockchain technologies can bring scalable, efficient and cost-effective solutions to market.”
Wire transfers to Bitso Shift are processed in twenty four to forty eight hours through fully regulated institutions and at highly competitive exchange rates, and in-app exchanges between Mexican Pesos and USD-backed stablecoins are processed within seconds at low costs. No minimum balance or transaction volume is required.