Bitso partners with Circle for US – Mexico payments corridor

Rick Steves

“The opportunity for Circle and USDC to be part of making cross-border exchanges seamless between the U.S. and Mexico — the world’s largest exchange corridor — is tremendous.”

Bitso is integrating with payment solutions from Circle in order to help Mexican residents send and receive cross-border payments to or from the United States.

The Latin American crypto exchange boasts more than 3 million users and its Bitso Shift solution will enable cross-border payments powered by crypto for both Mexican businesses and individuals who offer their products or services in the United States.

Circle is the principal operator of the USD Coin (USDC) and will provide the payment infrastructure for Bitso Shift to support 24/7, fast, low-cost, and secure transactions using USDC.

Bitso Shift will enable its users to make deposits and withdrawals via domestic wire transfers, make payments to the U.S. or Mexico, and instantly convert between Mexican Pesos (MXN) and USD-backed stablecoins.

Daniel Vogel, co-founder and CEO of Bitso, said: “At Bitso, we believe crypto’s border-less nature can be leveraged to address some of the financial sector’s most pressing problems. We’re incredibly excited to partner with Circle to offer a regulated, low-cost product that will support Mexican freelancers and businesses to thrive in the global digital economy.”

Jeremy Allaire, co-founder and CEO of Circle, said: “The opportunity for Circle and USDC to be part of making cross-border exchanges seamless between the U.S. and Mexico — the world’s largest exchange corridor — is tremendous. We’re thrilled to be part of Bitso’s innovation demonstrating how blockchain technologies can bring scalable, efficient and cost-effective solutions to market.”

Wire transfers to Bitso Shift are processed in twenty four to forty eight hours through fully regulated institutions.

In-app exchanges between Mexican Pesos and USD-backed stablecoins are processed within seconds at low costs with no minimum balance or transaction volume required, according to Bitso.

The crypto exchange points to existing challenges for Mexicans as the reason for adding the service. Bitso says bank accounts for USD are “limited to individuals in Mexico who live on the northern border, making it difficult for most self-employed individuals and young companies in the rest of the country to open USD accounts and access competitive products and exchange rates”.

Circle company has plans to go public. The blocckhain firm has over $27.5 billion USDC in circulation and is also thinking of becoming a national digital bank in the US.

It remains to be seen how the regulators are going to view this application in the United States as the system has been designed by and for the banking industry which might be feeling threatened by the rise of crypto.

Read this next

Digital Assets

GBTC share is trading at 36% below bitcoin spot price

Grayscale Bitcoin Trust share has widened its discount relative to the underlying cryptocurrency held in the fund, the highest margin ever since its debut in 2013. Digital Currency Group’s flagship GBTC shares traded at a discount of 35.8% to net asset value (NAV) today.

Digital Assets

Crypto lender Nexo investigated by 8 US state regulators

State securities regulators in New York, California, Kentucky, Maryland, Oklahoma, South Carolina, Washington and Vermont are investigating crypto lender Nexo for allegedly failing to register its Earn Interest Product.

Metaverse Gaming NFT

Astar Network’s ad features 329 top brands to support Web3 in Japan

Blockchain innovation hub Astar Network is making strides in promoting the Web3 adoption worldwide. In yet another milestone, the smart contracts platform has run a national newspaper ad in Japan that set a new global record with participation from 329 blue-chip firms.

Digital Assets

Pyth Network welcomes onchain data from crypto market maker Auros

“By sharing our high-frequency trading data with a truly onchain decentralized network, we aim to foster innovation that will lead to better financial solutions for all participants.”

Digital Assets

Tokeny integrates Ownera to boost liquidity of tokenized assets

“The adoption of FinP2P will result in higher liquidity and better access to capital and assets by providing regulated firms with one secure point of connection to multiple digital asset networks across the globe.”

Digital Assets

BingX launches subsidy vouchers to cover user losses in copy trading

“With the introduction of copy trade subsidy vouchers, new users can easily try out trading strategies without incurring losses.”

Digital Assets

Talos expands sales team: Frank van Zegveld, Matt Houston, Hillary Conley

“The extensive leadership and industry expertise of these new hires will enable us to build long-lasting relationships as we continue to build out our global presence in EMEA and beyond.”

Executive Moves

FX and CFD broker Emporium Capital hires industry veteran Robert Woolfe as COO

His past experience within the FX and CFD industry includes top roles at Capital Index, London Capital Group, GKFX, ETX Capital, and IG.  “I’m delighted to be part of the Emporium Capital team and spearheading the brokerages global expansion plans”, he said about the appointment.

Retail FX

Hantec Markets wins six categories at Global Retail Forex Awards 2022

Hantec Markets has recently rebranded with a new website and a renewed growth strategy that features the #TimeToStrike hashtag to signify a time of renewed growth for the broker.

<