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Bitso, a prominent cryptocurrency exchange in Latin America, has taken a significant step to enhance its international payment services by integrating with the Stellar Network. This integration, facilitated through Stellar's Anchor solution, aims to streamline the payment corridor between Latin America and the global financial ecosystem. Bitso's partnership with the Stellar Development Foundation has resulted in a solution that allows businesses worldwide to conduct US dollar transactions with Argentina, Colombia, and Mexico.
Empowering Cross-Border Payments
In recent years, cross-border payments have witnessed substantial growth worldwide, encompassing international trade and remittances. Leveraging blockchain technology and cryptocurrencies, Bitso aims to reduce settlement times and overall transaction costs significantly. This integration with the Stellar Network is poised to transform international payments, making them more efficient and accessible.
Santiago Alvarado's Statement
Santiago Alvarado, Senior Vice President of Institutional Products at Bitso, expressed the potential of this integration. He stated, “In recent years, we have seen the growth of cross-border payments worldwide, both for international trade and remittances. By utilizing blockchain technology and cryptocurrencies, we can significantly reduce settlement times and overall costs.”
Bitso's Impact and Growth
Bitso has already facilitated transactions totaling $3.3 billion between Mexico and the United States. The overall volume of international remittances surged by 32% during the latter half of 2022. This underscores the growing demand for efficient and cost-effective cross-border payment solutions, and Bitso's integration with Stellar is poised to meet this demand effectively.
