Fun

Bitso Partners With Felix Pago to Offer Whatsapp-Based Remittance Services Between Mexico and US

News Feed - 2022-12-14 06:12:24

Bitso Partners With Felix Pago to Offer Whatsapp-Based Remittance Services Between Mexico and US


Bitso, a Latam-focused cryptocurrency exchange, has partnered with chat-based payments provider Felix Pagos in order to offer Whatsapp-integrated remittances. The objective of this partnership is to put nearly instant chat-based remittances in the hands of Mexican and US users that might be intimidated by crypto tech otherwise. Bitso to Power Felix Pagos Whatsapp-Integrated Remittances


Remittances have been a big use case for cryptocurrency, but the relative lack of knowledge of these tools has slowed adoption in this arena. Bitso, one of the biggest crypto exchanges in Latam, with more than six million users, has partnered with Felix Pagos, a chat-based payments provider, in order to facilitate the use of crypto for remittances using Whatsapp.


Through the use of Whatsapp, users of Felix Pagos will be able to send remittances without knowing they are even using cryptocurrencies. This would allow such remittances to reach audiences that are normally not crypto savvy, including the elderly. The transactions are said to take 45 seconds to send and enable near real-time settlement thanks to Bitso’s backend.


Carlos Lovera, 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.


The Mexico-US remittance corridor has great importance for both companies, as just in October it registered $5.36 billion sent by Mexicans living in the U.S. The service is only available to Mexicans at the time of launch, but Bitso and Felix Pagos aim to expand this functionality to other countries in Latam in the future. Inner Workings


The system uses Bitso’s backend as a liquidity provider and bridge that allows Felix users to receive U.S. dollar remittances as Mexican pesos in a Mexico-based bank account. This is possible through the use of USDC, which acts as the base asset for the system, according to Stellar’s use case study.


However, Bitso is not new to the remittance business, as the company also provides similar services for its customers. By June, Bitso had facilitated remittances of $1 billion. Also, the company introduced a similar service in Colombia In July, powered by stablecoins to avoid volatility and inflation. Tags in this story Bitso, colombia, felix pagos, Mexico-US remittances corridor, remittances, Stellar, US, USDC, WhatsApp


What do you think about the partnership between Bitso and Felix Pagos to facilitate Whatsapp remittances between Mexico and the US? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Amid Withdrawals, Binance CEO Warns of Bumpy Months Ahead EXCHANGES | 47 mins ago Crypto Exchange Bybit to Add New Restrictions for Unverified Users, Update Withdrawal Limits EXCHANGES | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleHow Ukraine Became a Crypto Innovation Hub – Alex Bornyakov, Deputy Minister of Digital Transformation Next articleDvision Network Announces Dvision World 2․0 Release In Beta Mode Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms

News Feed

Flynt Launches Industry’s Highest Yield Product on Bitcoin
Flynt Launches Industry’s Highest Yield Product on Bitcoin press release PRESS RELEASE.Flynt Finance, the cryptocurrency financial services company based in Singapore co-founded b
India to Significantly Increase Crypto Market Share This Year: Report
India to Significantly Increase Crypto Market Share This Year: ReportIndia’s cryptocurrency market is set to gain significant market share this year, according to an industry
IMF Blog: Better Regulation of Africa’s Growing Crypto Market Urgently Needed
IMF Blog: Better Regulation of Africa"s Growing Crypto Market Urgently Needed A well-regulated African cryptocurrency market is needed in order to protect users as well as help cou
Report: 42.9% of Turks View Gold as Best Form of Investment, Only 1.9% Would Invest in Crypto
Report: 42.9% of Turks View Gold as Best Form of Investment, Only 1.9% Would Invest in Crypto A new study has found that nearly 43% of Turkish individuals surveyed consider gold to
Helen Partz48 minutes agoBAYC creator Yuga Labs completes restructuring to focus on metaverseYuga Labs, a firm behind the Bored Ape Yacht Club NFTs, has completed restructuring to focus on its upcoming metaverse project
Brayden Lindrea7 hours agoRipple case: SEC appeal unlikely as agency gains from ‘current confusion’ — Haun Ventures CEOAn immediate appeal could potentially jeopardize the SEC’s “entire enforcement agenda” if
Polygon Announces Zero-Knowledge Identity Platform for Web3
Polygon Announces Zero-Knowledge Identity Platform for Web3 On March 29, Polygon, the layer two (L2) scaling solution that runs parallel with the Ethereum blockchain, has announced
Prashant Jha41 minutes agoPhilippines to sell $179M in tokenized treasury bonds for the first timeReal-world asset tokenization as a concept has existed for some time. However, in 2023, with the growing interest of insti
Conflicting Opinions on Future of US Economy, Bitcoin Added to Guinness World Records, and More — Week in Review
Conflicting Opinions on Future of US Economy, Bitcoin Added to Guinness World Records, and More — Week in Review Economist and gold bug Peter Schiff has warned that the United St
Bahrain Telecom Operator Starts Accepting Crypto Payments
Bahrain Telecom Operator Starts Accepting Crypto Payments Stc Bahrain, a subsidiary of the Bahrain telecoms operator Stc Group, recently said its partnership arrangement with payme
Ethereum Forms A Bullish Pattern – Expert Reveals Short-Term Price Target
Este artículo también está disponible en español. Ethereum has been trading below the $2,800 mark for the past two weeks as selling pressure at this critical level contin
Report: Morocco Now North Africa’s Leading P2P Crypto Trading Nation
Report: Morocco Now North Africa"s Leading P2P Crypto Trading Nation In the year 2021, Morocco, which previously announced measures restricting crypto trading, became North Africa&