Mexico City, Mexico.- Bitso, the largest cryptocurrency platform in Latin Americaseeks to process between the 8 and 10 percent of remittances that are shipped from United States to Mexico by the end of 2022.
Currently, bitso already processes about 5 percent of the weekly remittance flow in cryptocurrencies and digital dollarsdue in large part to the cost reduction it represents.
“The goal we have for the end of the year is to be between 8 and 10 percent of the weekly remittances that are arriving from the United States to Mexico,” said Daniel Vogel, CEO of Bitsoin a media meeting.
According to the manager, there are two cryptocurrencies that are particularly growing a lot in remittances: XRP, Ripple’s coin, and stablecoins linked to the dollar.
Those who send remittances are from migrant users in the US to companies, a segment that is having the largest adoption because they find in the platform a considerable reduction in the cost of capital.
“The growth that we are trying to achieve is based on customers starting to see the savings, first they send a little to just test, then they start sending more. One of the segments where we are seeing this greatest adoption is these companies that send remittances, have several costs that this technology completely eliminates.
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“If you are a remittance company you have to have pesos in Mexicothat has a cost of capital and then you have to be protecting yourself against the exchange rate that may be changing, so you also have a cost for protecting yourself against those exchange rate fluctuations and today our technology allows these remittance companies to send this remittance in real time and they no longer have to maintain these very large treasuries of pesos in Mexico,” explained Vogel.
bitso has more than listed 40 cryptocurrencies on its platform and more than 5 million customers in the region
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