Blog Page


Crypto Exchange Bitso Launches Remittance Service in Colombia – Exchanges Bitcoin News – Bitcoin News

by Sergio Goschenko
Bitso, a Mexican-based, Latam operating cryptocurrency exchange, announced it is launching a remittance service in Colombia. The company will now allow its customers in Colombia to send and receive remittances using dollar-pegged stablecoins on the platform. The exchange launched a similar service in Mexico last year in partnership with Circle.
Exchanges are embracing crypto as a useful tool to transfer value across borders. Bitso, a Mexican-based exchange with operations in several countries in Latam, has announced the launch of a remittance service in Colombia this week. With these new services, Colombian users will be able to send and receive remittances using digital dollars on the platform of the exchange.
The service will be focused on remittances sent from and to the U.S., and according to the exchange, it’s one of the destinations where remittances sent experienced significant growth during the last year. While the company did not specify in which way this service will be offered, it is similar to Bitso’s Shift initiative, which uses Circle’s usd coin (USDC) as a vehicle to transfer value in Mexico.
The Shift initiative has achieved considerable success in Mexico, reaching a volume of one billion processed in remittances this year only. This represents an increase of 400% over what the company processed last year.
One of the pillars of Bitso’s remittance proposal has to do with stablecoins, which allow these transfers to go through without worrying about volatility and losing value in the process. About this, Emilio Pardo, manager of Bitso in Colombia, stated:
These transactions are not affected by volatility at all. The price of the stablecoins that we use depends on the international currency market, with parity with the dollar, a great benefit to beat inflation.
Bitso’s move aims to capture a relevant part of the Colombian remittance market, offering the benefits that crypto-based remittances present when compared to other companies. About this, Pardo stated:
We are very excited to launch this service in the country. Our main objective is to make crypto useful, and this brings great benefits so that Colombians can use their digital money safely.
Bitso is one of the exchanges that recently announced a series of layoffs due to the downturn that the market has experienced. However, the company expanded successfully to Colombia this year, where it is also offering yield-based products with its Bitso+ program.
What do you think about Bitso’s new remittance program in Colombia? Tell us in the comments section below.
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons, T. Schneider, Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Tony Hawk’s Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs … read more.
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)’s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real … read more.

Check all the news here


× How can I help you?