Latin American crypto exchange Bitso introduced a crypto remittance service in Colombia on Thursday.
This is the first crypto remittance service available in Colombia so far that allows individuals and businesses to transact in digital dollars. According to Bitso, the feature will be available through the company’s website for now and soon on their mobile app.
“These transactions are not affected by volatility at all,” said Emilio Pardo, country manager of Bitso in Colombia. “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.”
This remittance service in Colombia follows Bitso’s similar service launch in 2021 in Mexico. After the launch in Mexico, Bitso accumulated over $1 billion in the first half of 2022.
Furthermore, the company is hoping to double its volume of international transfers by year-end and strives to process $4 billion in 2023.
Also Read: São Paulo FC to Accept Crypto for Ticket Payment Through Bitso
As the U.S is the largest economy in the world, it needs viable remittance services across the globe. Reportedly, Colombia received all-time high remittances of a total of $8.56 billion abroad in the last year.
On the other hand, Colombians sent out remittances abroad totaling $380 million last year, which was 52.4% up from 2020.
