Bitso, a major Latin American cryptocurrency exchange, is partnering with USD Coin’s (USDC) stablecoin operator Circle to launch a new cross-border payment tool between Mexico and the United States.
The company announced Thursday that the integration with Circle’s payment solutions aims to give Mexicans a new way to send and receive payments to and from the United States
The new tool called Bitso Shift uses cryptocurrency to enable inexpensive and instant cross-border payments that are available 24/7.
The new offer is intended to provide individuals in Mexico with easier and cheaper access to the USD while increasing the transparency of USD transactions in the country.
According to the US Department of Commerce’s International Trade Administration, Mexican citizens who do not have an account are allowed to deposit up to $ 300 per day, but no more than $ 1,500 per month. Account holders cannot deposit more than $ 4,000 per month. At the same time, there are reportedly no regulations for transferring US dollars to or from Mexico.
“Transfers to Bitso Shift are processed in 24 to 48 hours by fully regulated institutions,” Bitso said in the announcement. The company did not immediately respond to Cointelegraph’s request for comment.
“The opportunity for Circle and USDC to enable seamless cross-border exchanges between the US and Mexico – the world’s largest exchange corridor – is enormous,” said Jeremy Allaire, Circle Co-Founder and CEO.
Related: Latin America will benefit the most from crypto, says Uphold Exec
Bitso Co-Founder and CEO Daniel Vogel stated that the new offering is designed to support Mexican freelancers and businesses by addressing some of the “most pressing problems facing the financial sector”.
Bitso was founded in 2014 and is one of the largest cryptocurrency platforms in Latin America, backed by major crypto companies such as the US crypto exchange Coinbase and Ripple. Bitso is best known as the core crypto service provider for El Salvador’s official Bitcoin (BTC) wallet known as Chivo. The exchange’s user base has almost tripled from 1 million in July 2020 to almost 3 million users by September 2021.