Source: Bitso
Bitso, the leading cryptocurrency platform in Latin America with more than 5 million users, and Everest, the first licensed crypto custodian offering stablecoins, announced their partnership to provide Everest users with the ability to receive cross-border transactions from the US, Europe, and Singapore into Mexico.
The Mexico-US corridor is the second-largest international remittance corridor in the world, with cross-border payments exceeding $54 billion in 2021, making it an integral part of Mexico’s overall economy. The same World Bank study found that the average cost of sending $200 globally was an astounding 6% ($12) in 2021. Leveraging cryptocurrency’s ability to make cross-border payments simpler, faster, and more affordable than traditional payment methods.
“We’re very excited to partner with Everest to continue our mission of making crypto useful by enabling crypto-powered cross-border payments.” said Santiago Alvarado, Bitso’s Senior VP of Product. “Everest customers in different countries that want to send money to Mexico will be able to do so instantly and in a cost effective manner, leveraging Bitso’s infrastructure and Blockchain technology.”
Everest provides its users with instant banking rails for US Dollars, Euros, Singapore Dollars and other currencies, and through the partnership with Bitso, any person in Mexico can receive their funds in MXN pesos. The funds are transferable via Everest’s programmable and licensed stablecoins, which Everest converts through Bitso to Pesos for Mexico-based users.
“As we continue to expand our offerings to best serve users throughout our 40+ countries of operation, enabling rapid transfers of cryptocurrencies to Mexican Pesos was a natural next step,” said Bob Reid, CEO of Everest. “As the leading cryptocurrency platform in Latin America, Bitso understands the needs of our users and provides essential support for introducing this product.”
Users are able to transact with both cryptocurrencies and local currency on a global scale in minutes and at lower costs - avoiding the days-long settlement process of traditional cross-border payments. Reducing the average cost of remittance transfers to 3% can substantially increase disposable income for remittance-receiving families and would save them an additional US$20 billion annually. The knock-on impact of this expands across multiple UN SDG’s and transversely at the household and the community.