“As we continue to expand our offerings to best serve users throughout our over 40 countries of operation, enabling rapid transfers of cryptocurrencies to Mexican Pesos was a natural next step.”
Crypto custodian Everest has tapped LATAM-based crypto platform Bitso in order to provide users with the ability to receive cross-border transactions from the US, Europe, and Singapore into Mexico.
Everest provides its users with instant banking rails for US Dollars, Euros, Singapore Dollars, and other currencies, and through the partnership with Bitso, any person in Mexico can receive their funds in MXN pesos.
The funds are transferable via Everest’s programmable and licensed stablecoins, which Everest converts through Bitso to Pesos for Mexico-based users.
Bob Reid, Chief Executive Officer of Everest, commented: “As we continue to expand our offerings to best serve users throughout our over 40 countries of operation, enabling rapid transfers of cryptocurrencies to Mexican Pesos was a natural next step. As the leading cryptocurrency platform in Latin America, Bitso understands the needs of our users and provides essential support for introducing this product.”
Santiago Alvarado, Senior VP of Product at Bitso, said: “We’re very excited to partner with Everest to continue our mission of making crypto useful by enabling crypto-powered cross-border payments. Everest customers in different countries that want to send money to Mexico will be able to do so instantly and in a cost effective manner, leveraging Bitso’s infrastructure and Blockchain technology.”
A study by the World Bank found that the average cost of sending $200 globally was of 6% ($12) in 2021. The team-up between Everest and Bitso will allow users to reduce the average cost of remittance transfers to 3%, which can increase disposable income for remittance-receiving families.
Using the crypto ecosystem for remittances avoids the days-long settlement process of traditional cross-border payments and can save families an additional US$20 billion annually as the The Mexico-US corridor – the second-largest international remittance corridor in the world – exceeded $54 billion in 2021.
In late 2021, Bitso integrated with payment solutions from Circle in order to help Mexican residents send and receive cross-border payments to or from the United States.
The Latin American crypto exchange boasts more than 5 million users and its Bitso Shift solution enables cross-border payments powered by crypto for both Mexican businesses and individuals who offer their products or services in the United States.
Circle is the principal operator of the USD Coin (USDC) and provides the payment infrastructure for Bitso Shift to support 24/7, fast, low-cost, and secure transactions using USDC.
Bitso Shift will enable its users to make deposits and withdrawals via domestic wire transfers, make payments to the U.S. or Mexico, and instantly convert between Mexican Pesos (MXN) and USD-backed stablecoins.