Bitso, the leading cryptocurrency platform in Latin America with over 5 million users, has partnered with Everest, the first licensed crypto custodian to offer stablecoins and XRP.
They will use XRP to allow Mexicans to receive funds in their local currency. The partnership will allow Everest users in Mexico to receive funds from their loved ones living in the US, Singapore and Europe.
The Mexico-US corridor is the second largest international remittance corridor in the world, with cross-border payments in excess of $54 billion in 2021, making it an integral part of the Mexican economy as a whole.
The same World Bank study found that the average cost to send $200 worldwide was an astounding 6% ($12) in 2021. Using the ability of cryptocurrencies to make cross-border payments easier, faster and more affordable than traditional payment methods.
“We are thrilled to partner with Everest to continue our mission of creating a useful cryptocurrency by enabling cross-border payments using cryptocurrencies.” said Santiago Alvarado, Bitso’s senior vice president of product. “Everest customers worldwide who want to send money to Mexico will be able to do so in an instant and cost-effective way using Bitso’s infrastructure and Blockchain technology.”
Everest provides its users with instant bank rails for US dollars, Euros, Singapore dollars and other currencies, and through a partnership with Bitso, anyone in Mexico can receive their funds in MXN pesos. Funds can be transferred via Everest programmable and licensed stablecoins, which Everest converts via Bitso to pesos for users in Mexico.
“As we continue to expand our offerings to better serve users in our more than 40 countries of presence, the ability to quickly convert crypto to Mexican pesos was a natural next step,” said Bob Reid, CEO of Everest. “As the leading cryptocurrency platform in Latin America, Bitso understands the needs of our users and provides the necessary support to implement this product.”
Users can transact both cryptocurrencies and local currencies globally in minutes and at a lower cost, avoiding the multi-day settlement process of traditional cross-border payments.
Reducing the average cost of remittances to 3% could significantly increase the disposable income of families receiving remittances and save them an additional $20 billion annually. The indirect impact of this extends to several UN SDGs, as well as to households and communities.
🤝 We’re excited to partner with @Bitso, the largest #crypto exchange in Latin America, to give Mexico-based users the ability to convert #CRDT, plus #XRP & other cryptocurrencies, into Mexican pesos!
📺 FULL VIDEO: https://t.co/PL5c2vSU48$ID #Bitso pic.twitter.com/0SKw5uAzC4
— Everest 🏔 (@EverestDotOrg) August 3, 2022
#Everest #Bitso #convert #XRP #Mexican #pesos #transfers