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Bitso has established itself as the largest cryptocurrency exchange in Latin America and the main cryptocurrency service in El Salvador. Now, the Mexican unicorn has formed an alliance with Circle Solutions to use its infrastructure and facilitate payments to and from the United States.
The initiative that has resulted from this union is called Bitso Shift. They aim to enable companies and individuals offering products and services in the United States to make and receive payments in cryptocurrencies.
Bitso Shift comes at a time when remittances to Mexico are reaching historic levels. During the first half of 2021 alone, remittances reached US$23.6 billion, 22.4% more than in the same period of time in 2020, reported the Bank of Mexico.
How Bitso Shift Will Operate
Bitso Shift will allow you to make secure deposits and withdrawals through domestic bank transfers, and payments in the US or Mexico. In addition, it opens the possibility of converting Mexican Pesos into stablecoins backed by US dollars.
Let’s remember that, as their name says, stablecoins are more stable cryptocurrencies that was introduced to reduce the volatility to which other digital currencies are exposed.
Of this, Daniel Vogel, CEO of Bitso, stated that this product is regulated and will be low-cost to help people and companies “thrive in the global digital economy.”
Bitso, which is valued at US$2 billion dollars and has already reached three million users, said that access to bank accounts in US dollars is only available to Mexicans who live near the northern borders of Mexico. He pointed out that this restricts individuals and companies in the rest of the country seeking to open US dollar accounts.
In this way, Bitso Shift seeks to offer easier access to the US dollar for people in Mexico, as well as to increase the transparency of dollar transactions in the country.
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