Major Latin American exchange Bitso, in collaboration with cryptocurrency payment company Circle, is launching Bitso Shift tool for cross-border payments in USD.
Bitso co-founder and CEO Daniel Vogel noted that the integration with Circle’s payment solutions aims to provide Mexicans with a new way to send and receive payments in US dollars. The Bitso Shift tool will enable instant exchanges between Mexican pesos and USD-backed stalkcoins.
Transfers in Bitso Shift are processed from 24 to 48 hours through fully regulated institutions. According to the US Department of International Trade, Mexican citizens who do not have accounts are allowed to deposit up to $ 300 per day, but no more than $ 1,500 per month. However, there are no rules for transferring dollars to and from Mexico.
“We’re excited to partner with Circle to offer a low-cost product to help Mexican freelancers and businesses thrive in the global digital economy,” Vogel said.
The U.S.-Mexico remittance corridor is the largest in the world, according to the statement. In 2020, the number of transactions increased by almost 10% to over $ 40 billion, as thousands of Mexican migrants living in the United States sent money home during the pandemic.
Recall that in September, the Bitso exchange became a service provider for the BTC Chivo wallet, developed by the government of El Salvador.
