Bitso Launches Mexico and Canada Crypto Remittance Platform

Bitso, the most popular cryptocurrency exchange in North America, has initiated an ambitious payment solution project with the goal of connecting three continents to increase the volume of cross-continental remittances.

A Partnership Agreement Is Reached Between Bitso and Africhange

The payment and exchange protocol company Ripples Labs, which is situated in the United States, counts Bitso as one of its strategic partners. The agreement between the exchange and Africhange, which will allow payments between Europe and Africa, was just signed recently. African is an African-Canadian payment solutions firm that offers remittance services.

The collaboration will make use of cryptography in order to facilitate the acceleration and simplification of the process of transferring funds between Canada and Mexico, which is where Bitso is located.

One research estimates that more than 140 million dollars in remittances are transmitted from Canada to Mexico each year.

The collaboration ought to substantially cut down on the costs incurred by end-users and make the entire process of transaction much easier.

The management at Africhange revealed, in response to some questions about the new alliance, that selecting Bitso was never a difficult task. It was brought to the attention of the management that Bitso’s competence in the remittance and digital payment industries is something to be excited about.

Additionally, what differentiates this company from others in its industry is its tight collaboration and engagement with Ripple.

Fostering Cooperation Across International Boundaries

The most recent agreement between two companies that provide remittance services marks the continuation of a productive collaboration between the companies. While this is going on, the continent of Africa has already notched up a staggering turnover of $70 million in remittances.

Nigeria and Canada are both involved in this. In addition to this, the company is about to enter yet another new market on a different continent in order to expand the scope of its services even further.

Bitso, for its part, has the opportunity to increase its annual remittance turnover and assist Mexicans in sending money both domestically and internationally.

As its expansion demonstrates, Bitso’s ultimate goal is to become the most successful cryptocurrency service provider in Latin America. The platform made the announcement in May 2022 that it would be expanding into Columbia as its fourth market.

Daniel Vogel, who was serving as CEO of Bitso at the time, mentioned that the exchange’s goal was to sign up approximately one million customers.

Bitso is able to provide instantaneous transfers of digital assets and sales of cryptocurrencies such as Bitcoin and Ethereum around the region. In addition to this, through the Bitso+ platform, it offers various investment solutions to individuals who are interested in the region. Fostering Cooperation Across International Boundaries

The most recent agreement between two companies that provide remittance services marks the continuation of a productive collaboration between the companies. While this is going on, the continent of Africa has already notched up a staggering turnover of $70 million in remittances.

Nigeria and Canada are both involved in this. In addition to this, the company is about to enter yet another new market on a different continent in order to expand the scope of its services even further.

Bitso, for its part, has the opportunity to increase its annual remittance turnover and assist Mexicans in sending money both domestically and internationally.

As its expansion demonstrates, Bitso’s ultimate goal is to become the most successful cryptocurrency service provider in Latin America. The platform made the announcement in May 2022 that it would be expanding into Columbia as its fourth market.

Daniel Vogel, who was serving as CEO of Bitso at the time, mentioned that the exchange’s goal was to sign up approximately one million customers.

Bitso is able to provide instantaneous transfers of digital assets and sales of cryptocurrencies such as Bitcoin and Ethereum around the region. In addition to this, through the Bitso+ platform, it offers various investment solutions to individuals who are interested in the region.

According to the exchange’s website, it currently has more than 5 million customers across Latin America. It has big aspirations to penetrate even more of the LATAM market in order to solidify its position as the most trusted cryptocurrency service provider in the region.

The Ether (ETH) component of Bitso+ is included.

The company made the announcement on August 29 that it had included ETH in its investing platform known as Bitso+. Users are able to produce an additional investment return with the help of the new token.

Bitso+ is an investment product that generates yields and enables customers to generate passive income from monies that they have staked. However, in the past, Bitso+’s revenue-generating mechanism consisted of Bitcoin holders and owners of dollar-pegged stablecoins. The incorporation of ETH has made it so that holders of Ethereum are now eligible to receive the income that is generated.

In May of 2022, Bitso introduced their yield-generation investing product to the market. The goal is to provide users of cryptocurrencies with the ability to generate passive income from the assets they stake. However, there is no maximum amount that can be invested in Bitso+.

In the meantime, Bitso serves as the On-Demand Liquidity (ODL) gateway for Ripple in North America, and XRP is responsible for sixty percent of the company’s total trading volume.

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