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Bitso, a Mexican-based, Latam-operating cryptocurrency exchange, announced it was launching a remittance service in Colombia. The company will now allow its customers in Colombia to send and receive remittances using dollar-denominated stack coins on the platform. Oslo Børs launched a similar service in Mexico last year in collaboration with Circle.
Stock exchanges embrace crypto as a useful tool for transferring value across national borders. Bitso, a Mexican-based exchange with operations in several countries in Latam, has announced the launch of a remittance service in Colombia this week. With these new services, Colombian users will be able to send and receive money transfers using digital dollars on the exchange’s platform.
The service will be focused on transfers sent from and to the US, and according to the stock exchange, it is one of the destinations where transfers have experienced significant growth in the past year. Although the company did not specify how this service will be offered, it is similar to the Bitsos Shift initiative, which uses Circles USD (USDC) as a vehicle to transfer value in Mexico.
The Shift initiative has achieved significant success in Mexico, reaching a volume of one billion processed in remittances this year alone. This represents an increase of 400% compared to what the company considered last year.
One of the pillars of Bitso’s remittance proposal has to do with stack coins, which allow these transfers to go through without worrying about volatility and losing value in the process. Emilio Pardo, manager of Bitso in Colombia, stated this:
These transactions are not affected by volatility at all. The price of the stack coins we use depends on the international foreign exchange market, with parity with the dollar, a major advantage in beating inflation.
Bitso’s move aims to capture a relevant part of the Colombian money transfer market, and offer the benefits that crypto – based money transfers offer compared to other companies. About this Pardo stated:
We are very happy to launch this service in the country. Our main goal is to make crypto useful, and this provides great benefits so that Colombians can use their digital money safely.
Bitso is one of the stock exchanges that recently announced a series of layoffs due to the downturn that the market has experienced. However, the company successfully expanded to Colombia this year, where it also offers return-based products with the Bitso + program.
What do you think of Bitso’s new money transfer program in Colombia? Tell us in the comments section below.
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