Bitso, the leading cryptocurrency platform in Latin America with more than 5 million users, announced that its international transfer service to the United States is now available also in Colombia, for individuals, businesses, and remittance companies.
In 2021, the transfer of assets in Colombia grew by 24.4% totaling $6,908.85 million. On a global scale, the United States is the largest recipient of remittances sent from Colombia. In fact, in 2021 Colombians received over $103 million in remittances from the U.S., representing a 102% growth compared to 2020.
“We are very excited to enable this service for the country. Our main objective is to make crypto useful. Allowing a transfer service such as this provides Colombians with a safe and reliable way to send and receive digital money,” said Emilio Pardo, Country Manager of Bitso in Colombia. “These transactions are not affected by volatility at all. The price of the stablecoins that we use depends on the international currency market, with parity with the dollar, a great benefit to beat inflation.”
This service positions Bitso as the only platform in the Colombian market providing purchase services, returns, and international transfers of digital dollars in the country. Colombians can now send and receive funds using the security of blockchain technology, eliminating intermediaries and allowing people to receive their money in practically real-time. Additionally, cross-border asset transfer providers will be able to send money electronically through Bitso’s service — an added benefit that institutional clients in Mexico are already leveraging.
Another advantage that users benefit from is cost reduction. Although the clients do not perceive that the process has been carried out through cryptocurrencies, they will be able to benefit from much lower prices, as well as simplicity and automation.
Bitso seeks to double the volume of international transfers it processes through its cryptocurrency platform by 2022, and expects to process more than 4 billion dollars in 2023, so that more and more people learn about this technology and can send their money directly without matter where in the world they are.
Users will be able to use this product and make their transfers through the Bitso website; it will soon be available from the mobile app.