Crypto Exchange Bitso Launches Remittance Service in Colombia – Exchanges are adopting cryptocurrencies as a convenient tool for international money transfers. This week, a remittance service will begin operating in Colombia, according to Bitso, a Mexican exchange with operations in a number of Latam countries. With the help of these new services, users in Colombia will be able to send and receive money transfers using digital money on the exchange’s website.
The service will be concentrated on remittances transferred from and to the United States, which is one of the countries where remittances have seen substantial growth in recent years, according to the exchange. The company did not define how this service will be made available, but it is comparable to Bitso’s Shift project, which employs Circle’s usd coin as a means of value transfer in Mexico.
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In Mexico, the Shift project has had great success, processing one billion dollars in remittances this year alone. This is a 400% increase over what the business processed the previous year.
Stablecoins, which enable these transfers to take place without worrying about volatility and losing value in the process, are one of the pillars of Bitso’s remittance proposal.
Manager of Bitso in Colombia, Emilio Pardo, commented on this as follows:
“Volatility has no impact on these transactions at all. Our stablecoins’ prices are based on the currency market and are pegged to the dollar, which is a major advantage for combating inflation.”
By giving the benefits that crypto-based remittances give in comparison to other companies, Bitso’s move intends to capture a significant portion of the Colombian remittance market. Pardo said this about it:
“We are excited to introduce this service to the public. Making cryptocurrency useful is our primary goal, and doing so has many beneficial effects that make it safer for Colombians to utilize their digital money.”
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One of the exchanges that recently announced a number of layoffs as a result of the market slump was Bitso. However, this year saw the company’s successful expansion into Colombia, where it also offers yield-based goods through its Bitso+ program.
