The Africhange platform a place to buy, sell and store cryptocurrency and Bitso partnered to offer a digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency currency is a medium of exchange that defines value. remittance solution between Mexico and Canada.
- Bitso and Africhange partner for cryptocurrencies.
- They offer new money transfer solution for Mexico and Canada.
- Mexican Exchange already offers its remittance service in Colombia.
Mexican cryptocurrency exchange, Bitso continues to work to expand its cryptocurrency remittance business.
As part of its latest effort, the exchange is collaborating with the African-Canadian remittance platform, Africhange, to facilitate cross-border transactions from Canada to Mexico leveraging digital currencies. Bitso y Africhange with more than 15,000 users in Canada, announced the partnership on Tuesday, as reported byThe Fintech Times.
Senior Product Manager for Africhange Olatunji Obaoye, told the website that the initiative in partnership with Bitso will help Mexicans sending money to family and friends in Canada by offering fast and low-cost transactions.
“ By leveraging the blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. and partnering with Bitso [….] our goal is to provide a seamless, cost-effective and fast cross-border exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. experience. “said Obaoye, adding:
Our offer aims to support Mexican immigrants in Canada who need to send money home, as well as Mexican residents who rely on remittances from Canada. We do this by addressing some of the most pressing issues experienced when sending money home: transfer speed, transfer cost and exchange rate.
Bitso joins ties with Africhange
With this move, Bitso is expanding its cryptocurrency offerings. The platform launched last year its remittance solution with cryptocurrencies in Mexico in alliance with Circle The stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. USDC. The solution, calledBitso Shiftfacilitates payments by converting Mexican pesos (MXN) into stable US dollar-backed currencies, such as USDC.
Business has been booming ever since. According to a report by Bitso its remittance service processed $1 billion in cryptocurrencies in the first quarter of 2022, and the company estimates that figure to grow to $2 billion by the end of the year. The data represents about 4% of U.S. remittances to Mexico, according to the firm.
In July, the cryptocurrency exchange service will be officially expanded to Colombia allowing users in that country to send and receive payments to and from the United States. With presence in Mexico, Brazil, Argentina and Colombia, Bitso is currently one of the largest cryptocurrency exchanges in Latin America.
Carlos Lovera, business development and partnership leader at Bitso expressed his enthusiasm for the partnership with Africhange . He said that this reinforces the company’s commitment to llevar ” cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. products useful to migrant communities while confirming Bitso’s leadership in one of the most successful use cases of cryptotechnology: cross-border payments. “.
It’s exciting to support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. purpose-driven companies like Africhange to expand their mission to the Mexican market an area or arena, online or offline, in which commercial dealings are conducted. while achieving ours, which is to make cryptocurrencies useful.
The new payment channel comes at a time of increased demand for remittance solutions. According to data from Data Mexico quoted byThe Financial TimesMexico received CAD $146 million in remittances from Canada during the first quarter of 2022; and the Mexican migrant population in the country totals 130,000.
Africhange for his part, claims to have processed more than USD $70 million in remittances between Canada and Nigeria (one of the countries in the region with the highest adoption of cryptocurrencies). Launched at the end of 2020, the platform offers a remittance solution based on Blockchain for users in African countries and Canada.
As the demand for remittances around the world increases, several companies have been leveraging digital currencies to offer fast and low-cost cross-border payment solutions. MoneyGram announced in June the integration of the stablecoin USDC for its remittance service and, shortly before that, Coinbase is an American company that operates a cryptocurrency exchange platform. had already presented a similar solution in Mexico .
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Article by Hannah Estefania Perez / DiarioBitcoin
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