Bitso Partners with Stellar to Enhance Global Payment Corridor
Bitso, the leading cryptocurrency exchange in Latin America, has teamed up with the Stellar Development Foundation to improve the global payment corridor between Latin America and the rest of the world. This collaboration utilizes Stellar’s Anchor Network, which connects the Stellar network with traditional banking systems, enabling seamless interoperability of all global currencies on a single platform.
Key Points:
- The Anchor Network acts as a trusted link between the Stellar network and other payment systems.
- It allows for the transfer of value between traditional banking systems and Stellar.
- Anchors on the network can provide various financial services, such as issuing assets and creating on/off ramps.
- Bitso’s integration with the Anchor Network enables businesses worldwide to transact in USD Coin ($USDC) in Argentina, Colombia, and Mexico.
- This partnership addresses the increasing demand for cross-border payments and remittances in international commerce.
Santiago Alvarado, SVP of Institutional Product at Bitso, highlights the potential of blockchain technology and crypto assets to improve settlement times and reduce costs. Bitso has already processed $3.3 billion worth of transactions between Mexico and the U.S., with a 32% increase in total international transfers in the second half of 2022. Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle, recognizes the growing reputation of Stellar-powered USDC as a fast and cost-effective solution for digital dollar payments worldwide.
Hot Take: The partnership between Bitso and Stellar opens up new opportunities for seamless cross-border payments in Latin America and beyond. By leveraging the Anchor Network, businesses can transact in USD Coin, streamlining international commerce and remittances.