Bitso, a Mexican-based, Latam operating cryptocurrency exchange, announced it is launching a remittance service in Colombia. The company will now allow its customers in Colombia to send and receive remittances using dollar-pegged stablecoins on the platform. The exchange launched a similar service in Mexico last year in partnership with Circle.
The service will be focused on remittances sent from and to the U.S., and according to the exchange, it’s one of the destinations where remittances sent experienced significant growth during the last year. While the company did not specify in which way this service will be offered, it is similar to Bitso’s Shift initiative, which uses Circle’s usd coin (USDC) as a vehicle to transfer value in Mexico.
The Shift initiative has achieved considerable success in Mexico, reaching a volume of one billion processed in remittances this year only. This represents an increase of 400% over what the company processed last year.
These transactions are not affected by volatility at all. The price of the stablecoins that we use depends on the international currency market, with parity with the dollar, a great benefit to beat inflation.
We are very excited to launch this service in the country. Our main objective is to make crypto useful, and this brings great benefits so that Colombians can use their digital money safely.
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