A major cryptocurrency exchange in the Latin America, Bitso is working together with Circle, the operator and issuer of the USDC stablecoin to launch a new payment tool that facilitates crypto payments between US and Mexico.
The announcement from the company hits the media on Thursday that the Mexican residents will soon get a new payment option to send payments or receive to and from the United States.
The new tool dubbed Bitso Shift will facilitate cross-border payments at low costs, allowing users to exchange their Mexican Pesos (MXN) and the US Dollar pegged stablecoins 24/7. With the new tool, Bitso intends to create a more affordable yet easier way of accessing the US Dollar within the borders of Mexico and also to allow more transparency in every transaction that deals with the USD in the country.
Regulation from the International Trade Administration of the United States Department of Commerce states that non-account holders in Mexico can only deposit a maximum of $300 in a day but a maximum of $1,500 in a month. However, account holders have the liberty of $4,000 in a month. Currently, there is no regulation binding the transfer of USD to and from Mexico.
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In the Bitso announcement, every wire transfer to the Bitso Shift will be processed within twenty-four hours or at most forty-eight hours via fully regulated financial institutions. Contributing to the development, Jeremy Allaire, the CEO and the co-founder of Circle, said the opportunity to have Circle and USD Coin involved in seamless cross-border transactions between Mexico and the United States is tremendous.
The CEO and co-founder of Bitso, Daniel Vogel noted in his statement that the class of people to benefit more from this offering are businesses and freelancers in Mexico and they are looking to address the most pressing challenges that exist in the financial sector.
The company founded in 2014 has grown to a force to reckon with in Latin America as it is backed by such reputable crypto firms as Ripple and the United States’ Coinbase. Bitso is also the provider of the official BTC wallet used in El-Salvador, Chivo Wallet. It was reported that the user base of the exchange in September 2021 almost tripled its 1 million users recorded in July 2020.