Bitcoin News and Finance Bitso Partners With Felix Pago to Offer Whatsapp-Based Remittance Services Between Mexico and US Skip to main content

Bitso Partners With Felix Pago to Offer Whatsapp-Based Remittance Services Between Mexico and US

bitso felix pagos remittances whatsapp

Bitso, a Latam-focused cryptocurrency exchange, has partnered with chat-based payments provider Felix Pagos in order to offer Whatsapp-integrated remittances. The objective of this partnership is to put nearly instant chat-based remittances in the hands of Mexican and US users that might be intimidated by crypto tech otherwise.

Bitso to Power Felix Pagos Whatsapp-Integrated Remittances

Remittances have been a big use case for cryptocurrency, but the relative lack of knowledge of these tools has slowed adoption in this arena. Bitso, one of the biggest crypto exchanges in Latam, with more than six million users, has partnered with Felix Pagos, a chat-based payments provider, in order to facilitate the use of crypto for remittances using Whatsapp.

Through the use of Whatsapp, users of Felix Pagos will be able to send remittances without knowing they are even using cryptocurrencies. This would allow such remittances to reach audiences that are normally not crypto savvy, including the elderly. The transactions are said to take 45 seconds to send and enable near real-time settlement thanks to Bitso’s backend.

Carlos Lovera, development leader of Bitso Business, stated:

Working hand in hand with Félix Pago, we are demonstrating that remittances can be extremely easy, cheap, and fast to send and that cryptocurrencies are capable of directly benefiting people and solving their real-world problems.

The Mexico-US remittance corridor has great importance for both companies, as just in October it registered $5.36 billion sent by Mexicans living in the U.S. The service is only available to Mexicans at the time of launch, but Bitso and Felix Pagos aim to expand this functionality to other countries in Latam in the future.

Inner Workings

The system uses Bitso’s backend as a liquidity provider and bridge that allows Felix users to receive U.S. dollar remittances as Mexican pesos in a Mexico-based bank account. This is possible through the use of USDC, which acts as the base asset for the system, according to Stellar’s use case study.

However, Bitso is not new to the remittance business, as the company also provides similar services for its customers. By June, Bitso had facilitated remittances of $1 billion. Also, the company introduced a similar service in Colombia In July, powered by stablecoins to avoid volatility and inflation.

What do you think about the partnership between Bitso and Felix Pagos to facilitate Whatsapp remittances between Mexico and the US? Tell us in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory