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In partnership with SDF, leading cryptocurrency exchange platform Bitso, will begin integrating Stellar USDC for its customers, providing over 2 million users with efficient U.S. <> MXN payment rail, lower costs, and faster transactions.
For clarity, Bitso is a cryptocurrency exchange based in Mexico founded in 2014. Its CEO is Daniel Vogel, CTO is Ben Peters, and CDO is Pablo Gonzalez.
Bitso is the leading cryptocurrency exchange platform in Mexico, and Argentina. In addition, they have recently launched in Brazil, thus improving on their traction, being the most significant remittance corridor globally with a track record of having processed $1.2 billion in cross-border payments between the U.S. and Mexico in 2020 alone.
Bitso and Stellar Development Foundation (SDF) have announced that the exchange will integrate Stellar USDC for their customers.
This partnership is expected to empower Bitso to use Stellar USDC as a bridge asset. Thus, USDC will be the preferred on/off ramp asset between Mexico and the U.S. This helps lower costs, accelerate transactions, and make it possible for more than 2 million users to benefit from a cheaper USD <> MXN payment rail.
Integrating Stellar USDC has a lot of benefits for Bitso. There is a problem of a spike in blockchain fees in several blockchains. The current partnership solves the transaction fee spike problem.
BitSo is switching to use Stellar USDC as the internal bridge asset for the US-Mexico corridor. Previously, they were using Bitcoin. Now, Bitso will provide its B2B clients with a quicker, cheaper, and simpler transaction process with remittance.
Also, it will be able to facilitate an increase in interoperability. By integrating with Stellar, Bitso will assist Stellar anchors and partners in Latin America in the process of deposits and withdrawals apart from offering them remittances.
Further, will be able to improve its customer experience in the process of expanding their product offerings. The new capabilities can be used across their API, which will help Fintech and remittance companies source liquidity and eventually connect to local payment networks.
This partnership is considered influential as it expands the Stellar ecosystem’s reach in Latin American markets. Both Stellar anchors and partner applications will thus offer better services to their end-users in Mexico, Brazil, Argentina, and the U.S. using the USD-to-local-currency rail.
Previously, Asian Exchange Liquid Group, Inc. permitted Stellar USDC for their customers; now, it is BitSo striking a partnership with SDF.
