- Bitso, Latin America’s prominent crypto exchange, has merged with Stellar’s Anchor Network to intensify the payments channel between Latin America and the world.
- Bitso managed $3.3 billion in transactions between Mexico and the U.S, registering a 32% surge in total global transfers during the second half of 2022.
A Stellar Alliance: Bitso Joins the Stellar Network
In an astounding leap for the world of cryptocurrency, Bitso, a pioneering Latin American crypto exchange, has unveiled its integration with Stellar’s Anchor Network. This alliance ushers in a new era in the global payments ecosystem, intensifying the flow of transactions between Latin America and the rest of the globe.
Developed in strategic partnership with the Stellar Development Foundation, Bitso’s solution empowers businesses worldwide to carry out transactions in USD Coin (USDC) to Argentina, Colombia, and Mexico. This is possible due to Bitso’s unique, direct connection to the local banking systems in these countries.
Stellar and Bitso: Revolutionizing Cross-Border Payments
With the recent uptick in global cross-border payments, encompassing international commerce and remittances, Santiago Alvarado, Senior Vice President of Institutional Product at Bitso, emphasized the potential of blockchain technology and crypto assets. According to Alvarado, leveraging these can markedly expedite settlement times while also curbing overall costs, an indispensable benefit for businesses operating across borders.
Stellar’s Anchor Network stands as a testament to blockchain’s potential to transform global finance. Anchors are entities within the Stellar network that enable users to deposit and withdraw funds. When Bitso sends money to another bank, for example, it essentially functions as an anchor, bridging the gap between the distributed ledger and the traditional financial system.
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In 2022, Bitso significantly accelerated the movement of money between countries, having processed an astounding $3.3 billion in transactions between Mexico and the U.S alone. The exchange also recorded a 32% surge in total international transfers during the second half of the year, a fact that underscores the growing demand for efficient, cross-border crypto solutions.
By aligning with Stellar’s Anchor Network, Bitso consolidates its commitment to revolutionizing the global crypto payment landscape. As businesses, both large and small, increasingly adopt digital currencies for transnational transactions, Bitso’s integration with Stellar will significantly streamline the process, thereby setting new standards in the world of international crypto payments.
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