all about cryptop referances
Bitso, a Latam-focused cryptocurrency exchange, has partnered with chat-based payment provider Felix Pagos to offer Whatsapp-integrated transfers. The goal of this partnership is to put near-instant chat-based transfers in the hands of Mexican and American users who might otherwise be intimidated by crypto technology.
Remittances have been a major use case for cryptocurrency, but the relative lack of knowledge about these tools has slowed adoption in this arena. Bitso, one of the largest crypto exchanges in Latam, with more than six million users, has partnered with Felix Pagos, a chat-based payment provider, to facilitate the use of crypto for money transfers using Whatsapp.
Through the use of Whatsapp, users of Felix Pagos will be able to send money transfers without knowing that they themselves are using cryptocurrency. This would allow such transfers to reach audiences that are not normally crypto-savvy, including the elderly. The transactions are said to take 45 seconds to send and activate near real-time settlement thanks to Bitso’s backend.
Carlos Lovera, Head of Development for Bitso Business, stated:
In collaboration with Félix Pago, we are demonstrating that money transfers can be extremely easy, cheap and fast to send, and that cryptocurrencies are able to directly benefit people and solve real-world problems.
The Mexico-US remittance corridor is of great importance to both companies, since in October alone it recorded $5.36 billion sent by Mexicans living in the US. The service is only available to Mexicans at the time of launch, but Bitso and Felix Pagos aim to expand this functionality to other countries in Latam in the future.
The system uses Bitso’s backend as a liquidity provider and bridge that allows Felix users to receive US dollar remittances as Mexican pesos in a Mexico-based bank account. This is possible through the use of USDC, which acts as the base resource for the system, according to Stellar’s use case study.
However, Bitso is not new to the remittance business, as the company also offers similar services for its customers. In June, Bitso had facilitated transfers of 1 billion dollars. The company also introduced a similar service in Colombia in July, powered by stablecoins to avoid volatility and inflation.
What do you think of the partnership between Bitso and Felix Pagos to facilitate WhatsApp transfers between Mexico and the US? Tell us in the comments section below.
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