Mexican Fintech Bitso Expands Its Market
Mexican Fintech Bitso is expanding its market with a platform aimed at the international projection of its cryptocurrency wallet.
The Mexican Fintech Bitso is focused on the Brazilian market for digital international transfer and payment services, eFX, which stands for Electronic Foreign Exchange.
Mexican Fintech Bitso, one of the leading companies in Latin America specializing in cryptocurrencies, announced on November 13 the launch of an eFX Cripto service using stablecoins, which are cryptocurrencies paired with fiat currencies.
According to a statement from Mexican Fintech Bitso, the new service allows companies to reduce remittance delivery times by 50% to 75%, although international transactions are immediate, with lower costs and regulation through local institutions authorized for payment services.
“We have observed that more and more companies are choosing to pay their employees and suppliers with stablecoins, especially in the new sectors of the digital economy. Many are already replacing traditional bank accounts with wallets to streamline international payments and manage cash flows in different currencies. We are very pleased to be able to create an innovative solution that simplifies this entire process for companies and creates more development opportunities for the Brazilian market,” said Thales Freitas, CEO of Mexican Fintech Bitso in Brazil.
Mexican Fintech Bitso: Security
Highlighting the security of transfers using blockchain technology and the user-friendly nature of the application, Bitso pointed out that the Receita Federal recently noted the growth in adoption of the USD-backed stablecoin Tether USDT, which has accumulated USD 55,000 million since 2019, almost double the volume of Bitcoin (€34,022) in the same period.
Mexican Fintech Bitso justified the launch of the eFX service by arguing that digital service institutions have turned to stablecoins to expand their global reach, although they face challenges in dealing with differences.
According to the company, Brazilian legislation has several peculiarities, and many operations depend on the exchange registry.
For the exchange, the new eFX solution with crypto, in addition to simplifying the purchase of digital assets abroad and facilitating the collection of reais for international payments, offers an innovative way to unify remittances through API, providing international companies with efficient technology to meet their exchange needs in Brazil, more economically than traditional options.
In September, the Bitso Business platform already had more than 1,500 institutional clients when the service was announced for all of Latin America, as reported by Cointelegraph.
Also read: The best Mexican companies in road safety in 2023.
