Latin America-focused cryptocurrency exchange Bitso We have partnered with Felix Pagos, a chat-based payment provider, to offer money transfers integrated with Whatsapp. The aim of the partnership is to bring near-instant chat-based money transfers into the hands of users in Mexico and the United States who might otherwise be threatened by crypto technology.
Bitso Powers Felix Pagos’ Whatsapp Integration Money Transfers
Money transfers are a big use case for cryptocurrencies, but the relative lack of knowledge about these tools has slowed adoption in this area. increase. Bitso, one of Latin America’s largest cryptocurrency exchanges, with more than 6 million users,partnered with chat-based payment provider Felix Pagosto send money using Whatsapp. promoting the use of virtual currency in
Whatsapp allows Felix Pagos users to send money without even knowing they are using cryptocurrencies. This allows such transfers to reach an audience that is not normally crypto-savvy, including the elderly.Thanks to Bitso’s backend, transactions take him 45 seconds to send, almost Real-time payments are said to be possible.
Carlos Lovera, Development Lead at Bitso Business says:
Very Easy, Cheap and Fast It can be sent, and cryptocurrencies can directly benefit people and solve real-world problems.
The remittance corridor between Mexico and the United States is very important to both companies, just as he announced in October that he received 5.36 billion from Mexicans residing in the United States. million dollars sent. It will be available to Mexicans at launch, but Bitso and his Felix Pagos aim to expand the feature to other countries in Latin America in the future.
Inner Workings
The system uses his Bitso backend as a liquidity provider and bridge, allowing a Felix user to transfer US dollars to his Mexico-based bank account as his Mexican Pesos. allows you to receive This is made possible by using his USDC, which serves as the underlying asset of the system, according to Stellar’s use case study.
But Bitso is not new to the remittance business, as the company also offers similar services to its customers. By June, Bitso facilitated billion in remittances. The company also launched a similar service in Colombia in July, utilizing stablecoins to avoid volatility and inflation.
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