Bitso, the leading crypto exchange company in Latin America, has launched “Bitso Shift”, a cross-border payment service between Mexico and the United States. In this alliance with Circle, Bitso now offers users a service to receive payments from the United States and transfer dollars to their bank accounts through a dollar-based stablecoin called USDC.
Bitso is a crypto platform that reports over 3.3 million users and that has faced the high costs of receiving and sending funds across borders. “Bitso Shift” works as an electronic wallet and will be specially targeted for Mexican SMEs that offer their products to customers in the United States. This service will considerably reduce Bitso’s costs and will provide a more accessible, transparent and secure platform for users.
As Daniel Vogel, Bitso’s co-founder and CEO commented, “We are very excited to offer a low-cost, regulated product that will help Mexican individuals and businesses prosper in the global digital economy.”
Users can deposit funds both in Mexican pesos or in dollars, and after the transfers are processed (within 24 to 48 hours) they can be withdrawn either in Mexico through SPEI and in the United States through domestic transfers.
Read more about Bitso’s product launch at Crowdfund Insider.