Bitso, a Mexican crypto exchange, recently announced that it was planning on integrating Cicle's payment system. The main aim of the decision is to make it easier and more secure for Mexican residents as well as businesses to execute cross-border payments to and from residents and businesses of the US.
It was announced that as part of the exchange's Bitso Shift program, which aims to improve upon present cross-border payment services, Circle will offer the infrastructure to enable these transfers. Bitso Shift will make it possible for businesses and individuals in the United States to make and receive bitcoin, as well as other crypto payments.
According to the official data of the World Bank, the United States is the leading trade partner of Mexico. It was noted that only in 2020, Mexico receives as much as $40 billion in remittances from the USA. This information was published by the Central Bank of Mexico.
The effort will allow users to make deposits and withdrawals via local wire transfers and execute payments to the United States or Mexico by leveraging the payment solutions of Circle, the payment services firm that runs the USD coin (USDC) stablecoin. Users will be able to exchange Mexican pesos for stablecoins backed by the US dollar.
According to Bitso, only Mexicans living in the northern border region of Mexico have access to bank accounts in US currency. According to the corporation, this limitation impacts self-employed individuals and businesses throughout the remainder of the country who want to create US currency accounts.
The co-founder of Bitso announced that the company is very excited to be partnering up with Circle, as a result of which, they will be able to offer regulated, low-cost, and efficient services and products supporting Mexicans to thrive in the fast-paced digital economy around the world.
While making the announcement, it was also noted by the representatives of the company that the wire transfers to Bitso Shift would take between 24 to 48 hours to be processed. As for the in-app exchanges between the US dollar-backed stablecoins and the Mexican pesos would be processed in a matter of seconds.
Crypto is Very Popular in the US
The past few years have shown increasing popularity of the crypto trading industry in the USA. Many of the citizens of the country have reported that they have already invested, or were planning to invest, in the crypto trading market.
There are many reasons why crypto has become so popular in the US. One of the biggest reasons is the many uses that the crypto market can have. While there are many traders who are using cryptocurrencies for money transactions, there are many others who view cryptocurrencies as a great way of making more money by investing in them.
Crypto trading has become very easy over the past few years. Today, all crypto traders have to do is to open a live account with one of the crypto exchanges, make deposits, and start trading.
Further simplifying the crypto trading market are the automated trading robots, which can analyze huge data of the crypto trading market in a matter of minutes. For example, you can simply connect your exchange account to the Bitsgap trading platform using the API key and let the trading robot analyze, as well as trade, cryptocurrencies for you.
Crypto trading robots are making the market a lot easier for people around the world, and as a result, more people are drawn to the market. Bitsgap is one of the leading crypto trading software developers around the world, offering traders automated trading programs.
Cross-Border Payments and Their Importance
Bitso was established back in 2014 and since then, it has managed to become one of the leading and largest cryptocurrency exchanges in the whole region. It was recently announced that the exchange is backed by crypto giants around the world, such as Coinbase and Ripple.
Also, it was announced that the company is the main provider for El Salvador's official Chivo wallet. The decision of the company comes right after the announcement of MoneyGram, which introduced a partnership with Stellar Development Foundation.
As it was noted, the agreement envisages giving clients the ability to seamlessly convert USDC to cash or cash to USDC. This, as a result, would increase the utility and liquidity of digital assets. On the other hand, the decision was also aimed at ensuring more consumers participate in the digital economy.
Cross-border payments and their further development are very important for many countries around the world, including Mexico. Many of the families in Mexico have their relatives living and working in the US, many of which are sending money back to their families.
In most cases, such transactions are associated with a lot of fees and it is creating many problems for these people. The recent announcement of Bitso is believed to help those who have faced such issues to make payments in an easier and more efficient manner.
Because of this, many believe that the decision of Bitso is very important for everyday lives of people in Mexico as well as in the US.