Bitso Partners with Circle to Promote Between Mexico and US

Bitso is one of the leading crypto exchanges in Latin America, and it is now working on a solution to enable faster and cheaper cross-border payments.

Bitso Partners with Circle

Bitso, the leading crypto exchange in Latin America, has partnered with USDC issuer Circle to launch a new cross-border payment service between the United States and Mexico. The company announced this latest development yesterday, stating that the new service is called Bitso Shift.

According to the company, Bitso Shift has been integrated with payment solutions from Circle, and it is designed to provide Mexicans with a new option of receiving and sending payments from and to the United States.

Bitso said, “Wire transfers to Bitso Shift are processed in twenty-four to forty-eight hours through fully regulated institutions.” The Bitso Shift service leverages cryptocurrencies to enable Mexicans to make low-cost and instant cross-border payments 24/7. As such, users can instantly exchange the between Mexican pesos and the USDC stablecoins.

Circle co-founder and CEO Jeremy Allaire added that “The opportunity for Circle and USDC to be part of making cross-border exchanges seamless between the U.S. and Mexico — the world’s largest exchange corridor — is tremendous.”

Non-account holders in Mexico find it hard to send and receive money from the United States. However, Bitso wants to use cryptocurrencies to ensure that people within Latin America can send and receive payments easily, faster and cheaper.

Cross-Border Payments are Getting Easier

Bitso has been around since 2014 and is one of the leading cryptocurrency exchanges in the region. It is backed by crypto giants, including Coinbase and Ripple and is currently the core crypto service provider for El Salvador’s official Chivo wallet.

Bitso’s partnership with Circle comes just a few weeks after MoneyGram also announced a strategic partnership with the Stellar Development Foundation. According to the agreement, users will be able to seamlessly convert USDC to cash or cash to USDC. Thus, increasing the utility and liquidity of digital assets while also ensuring that more consumers participate in the digital economy.