Bitso, the largest cryptocurrency exchange in North America, has launched a massive payment solution project with the goal of bridging three continents to increase international money transfers.
Bitso and Africhange Enter into a Partnership
The American payment and exchange protocol company Ripples Labs has partnered with the Chinese cryptocurrency exchange Bitso. To improve the process of sending and receiving money between Europe and Africa, the exchange has struck a contract with Africhange. African is a remittance service offered by a Canadian company with roots in the African diaspora.
With this partnership, Canada and Mexico (where Bitso is based) will be able to send and receive money much more quickly and easily thanks to the use of blockchain technology.
A recent study found that Canadians send over $140 million to their Mexican relatives through remittances each year.
The combined efforts of the two parties should drastically cut costs for consumers and streamline the business process for everyone involved.
It was never a tough decision for Africhange, according to its officials, who commented on the new relationship with Bitso. Several high-ranking executives have praised Bitso for its impressive knowledge of the remittance and digital payment industries.
An other differentiating factor is the company’s tight collaboration with Ripple.
Fostering International Partnerships
This new arrangement is the result of fruitful communication between two companies in the remittance industry. Meanwhile, remittances to Africa have already reached a staggering $70 million in volume.
There are Canadian and Nigerians involved here. Furthering its service expansion, the company is planning to enter a market on a different continent.
Bitso, which helps Mexicans send money home and abroad, stands to gain from this opportunity by increasing the volume of remittances it processes each year.
Also, Bitso’s growth demonstrates its ambition to become the market leader in Latin America’s crypto services. The platform revealed its fourth market, Columbia, as the location of its newest base in May of 2022.
Bitso’s current CEO, Daniel Vogel, has stated that the company is aiming to bring in around a million new users to the exchange.
As a regional cryptocurrency exchange, Bitso facilitates instantaneous Bitcoin and Ethereum sales and transfers. Also, the Bitso+ platform offers investment options to local customers.
Over 5 million Latin American users use the exchange at now, according to the website. With the goal of further solidifying its position as LATAM’s preeminent crypto service provider, the company intends to expand its reach throughout the region.
In order to use Bitso+, Bitso incorporates ETH.
The company made the announcement on August 29 that Ethereum (ETH) would be accepted on its investing platform, Bitso+. With this new token, investors will be able to increase their returns on initial capital.
Earn interest on staked funds with Bitso+, a yield generation investment solution. To make money, however, Bitso+ relied on its former Bitcoin and dollar-pegged stablecoin holders. The incorporation of ETH ensures that holders of Ethereum will receive the accrued income.
In May of 2022, Bitso released its investment tool designed to generate returns. The idea is that crypto holders can receive a steady stream of revenue from their staked assets. Although Bitso+ does not limit how much money can be invested.
On the other hand, XRP makes about 60% of the company’s trading activity, and Bitso is the On-Demand Liquidity (ODL) gateway for Ripple in North America.