Why Crypto Exchange Bitso Partnered With Circle To Enable Cross-border Transactions To The U.S.
Leading crypto exchange Bitso has integrated a payment solution developed by Circle, one of the companies behind the stablecoin USD Coin (USDC). The integration will enable cross-border payments from Mexico to the U.S., according to a press release.
Bitso claims these payments will be “easy, quick, and secure” and will leverage Circle’s backed USD Coin (USDC) and its payment infrastructure with its Biso Shift products. In that way, consumers will be able to transact at any time without the limitations of a legacy financial institution.
The Bitso Shift solution offered by the crypto exchange allows users to make deposits and withdraw via a wire transfer. Then, the funds can be sent or received from or to the U.S. and Mexico. In addition, the platform allows instant conversion. Daniel Vogel, co-founder, and CEO at Bitso said:
We believe that Bitso can leverage the borderless nature of cryptography to address some of the most pressing issues in the financial sector. We are very pleased to partner with Circle to provide regulated, low-cost products that help Mexican freelancers and businesses thrive in the global digital economy.
In Mexico and a large portion of Latin America, people have limited or can’t access U.S. dollars. Usually, they need to resource inefficient alternatives, black markets, or cash. This limits their options when sending or receiving money from abroad.
Furthermore, these alternatives lack transparency and require that the user pay high fees. In that way, the Bitso Shift payment infrastructure powered by Circle’s stablecoin offers a better solution for millions of people in Mexico.
The partners expect to provide people in this region with more access to financial tools and opportunities. Jeremy Allaire, co-founder, and CEO at Circle, said the following about this collaboration:
We are excited to participate in Bitso’s innovations that show how blockchain technology can bring scalable, efficient and cost-effective solutions to the market.
Circle Contributes With Crypto Adoption
In addition to the partnership with Bitso, the crypto-based and payment solution company Circles has undertaken initiatives that will most likely have a positive impact on the industry. As Bitcoinist reported yesterday, the company launched a new financial aid program in the United States.
With the objective of providing financial support to startups and those with little access to traditional financial tools, Circle Impact is just one of several programs that seek to open economic opportunities in that country.
In other regions of Latin America, Circle is actively working with local governments to aid health work and expand the use cases of their stablecoin USDC with a social purpose.
As of press time, the total crypto has taken a dive and has returned to its October levels at $2.4 trillion.Source