Specialist Latin American crypto exchange, Bitso, has announced an integration with payment solutions from Circle, as the firm seeks to boost efficiency for transactions in Mexico to the United States.
As part of the link, the firm will enable cross-border payments powered by crypto for both Mexican businesses and individuals who offer their products or services in the U.S.
Furthermore, Circle, a global internet finance firm that provides payments and financial infrastructure to businesses of all sizes and the principal operator of the USD Coin (USDC), will provide the payment infrastructure for Bitso Shift to support 24/7, fast, low-cost, and secure transactions using USDC.
“At Bitso, we believe crypto’s border-less nature can be leveraged to address some of the financial sector’s most pressing problems,” commented Daniel Vogel, co-founder and CEO of Bitso. “We’re incredibly excited to partner with Circle to offer a regulated, low-cost product that will support Mexican freelancers and businesses to thrive in the global digital economy.”
Utilising Circle’s payment solutions, Bitso Shift is seeking to enable its users to make deposits and withdrawals via domestic wire transfers, make payments to the U.S. or Mexico, and instantly convert between Mexican Pesos (MXN) and USD-backed stablecoins at competitive market rates.
“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,” added Jeremy Allaire, co-founder and CEO of Circle. “We’re thrilled to be part of Bitso’s innovation demonstrating how blockchain technologies can bring scalable, efficient and cost-effective solutions to market.”