Bitso, Latin America’s largest cryptocurrency exchange, has partnered with Félix Pago, the industry’s leading remittance company, to facilitate cross-border settlements from the United States to Mexico. As a result of the partnership, users can easily send cryptocurrency-based payments from the US to Mexico via WhatsApp.
Using Ripple’s On-Demand Liquidity (ODL) service, Bitso will handle the currency exchange of US dollars into Mexican pesos. According to Félix Pago, the partnership with Bitso will enable more efficient settlements and lower transaction costs through ultra-fast transaction execution.
By partnering with Bitso, which acts as a backend crypto provider, the company enables users to submit US dollars instantly converted to Pesos without having to deal with a complex crypto infrastructure.
Félix Pago claims that by utilizing Bitso’s processing engine, it can replace expensive and time-consuming traditional remittance methods such as wire transfers with quick settlement and low transaction fees.
Carlos Lovera, the development leader of Bitso Business, stated:
“Working hand in hand with Félix Pago, we are demonstrating that remittances can be extremely easy, cheap, and fast to send and that cryptocurrencies are capable of directly benefiting people and solving their real-world problems.”
Although the partnership will initially focus on payments between the US and Mexico, the partners hope to expand the service to other Latin American countries in the future.
Bitso has remained an important partner as a network for Ripple’s on-demand liquidity solution. Ripple partnered with Bitso in 2014 to serve the vast underbanked population in Latin America.
If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
