Bitso Launches Crypto Remittance Platform For Mexico And Canada
North America’s most popular crypto exchange, Bitso, has launched an ambitious payment solution project to connect three continents to expand cross-border remittances.
Bitso Strikes Partnership with Africhange
Bitso is a strategic partner of the U.S-based payment and exchange protocol, Ripples Labs. The exchange recently signed a deal with Africhange to facilitate payments between Europe and Africa. African is an African-Canadian payment solutions provider that offers remittance services.
The collaboration will use crypto technology to help accelerate and streamline fund transfers between Canada and Mexico, where Bitso is situated.
According to a report, over $140 million in remittances are sent from Canada to Mexico.
The cooperation should massively reduce end-user expenses and simplify the complete transaction process.
Commenting on the new partnership, the executives at Africhange revealed that choosing Bitso was never a challenge. The executives noted that Bitso’s expertise in the businesses of remittance and digital payment is something to be enthused about.
In addition, the company’s close working partnership with Ripple sets it apart from others.
Promoting Cross-Border Cooperation
The latest agreement signifies another successful partnership between two enterprises offering remittance services. Meanwhile, Africa has already recorded a whopping $70 million turnover in remittances.
This involves Nigeria and Canada. Moreover, the firm is about to enter another new market on a new continent to expand its services further.
For its part, Bitso has the chance to boost its annual remittance turnover and help Mexicans remit money home and abroad.
Moreover, Bitso aims to become Latin America’s leading crypto service provider, as shown by its expansion. In May 2022, the platform announced opening a base in Columbia as its fourth market.
Daniel Vogel, Bitso’s CEO, noted at that time that the exchange aimed to onboard about one million customers.
Bitso provides the region with instant transfers of digital assets and sales of cryptocurrencies like Bitcoin and Ethereum. In addition, it also provides investment products for investors in the region through its Bitso+ platform.
According to the exchange’s website, it currently has more than 5 million customers in Latin America. It plans to explore more of LATAM’s market to consolidate its standing as the leading crypto service provider in the region.
Bitso Includes ETH for Bitso+
On August 29, the firm announced that it had added ETH to its investment platform, Bitso+. Users can use the new token to generate a further investment return.
Bitso+ is a yield-generation investment product that allows users to earn passive income on staked funds. However, Bitso+ previously had Bitcoin holders and dollar-pegged stablecoin owners to generate income. The addition of ETH has ensured that Ethereum holders can benefit from the earned income.
Bitso launched its yield-generation investment tool in May 2022. The aim is to allow crypto users to earn passive income on their staked assets. However, there is no investment cap on Bitso+.
Meanwhile, Bitso is Ripple’s On-Demand Liquidity (ODL) gateway in North America, and XRP accounts for 60% of the firm’s trading activity.
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