Bitso and Circle To Enable Crypto Cross-Border Transactions Between U.S. And Mexico

Bitso Partners With Circle On Cross-Border Transaction Efforts

Bitso has announced that it has partnered with USDC issuer Circle to enable seamless cross-border transactions between the United States and Mexico. This latest development comes as the platform works hard to make it easy for people to send and receive funds within Latin America.

Bitso said it would enable cross-border payments powered by crypto for both Mexican businesses and individuals who sell products or offer services in the United States. Circle will provide the payment infrastructure for Bitso Shift using its USDC stablecoin. The transactions would be fast, low-cost and secure.

Daniel Vogel, co-founder and CEO of Bitso, stated that “At Bitso, we believe crypto’s border-less nature can be leveraged to address some of the financial sector’s most pressing problems. 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.”

By leveraging Circle’s payment solutions, Bitso will allow its users to deposit and withdraw funds via domestic wire transfers, make payments to the U.S. or Mexico. The users can also instantly convert between Mexican Pesos (MXN) and USD-backed stablecoins at competitive market rates.

At the moment, individuals in Mexico have limited access to bank accounts for the U.S., making it tough for most self-employed individuals and young businesses in Mexico to open USD accounts and access competitive products and exchange rates.

Jeremy Allaire, co-founder and CEO of Circle stated 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. We’re thrilled to be part of Bitso’s innovation demonstrating how blockchain technologies can bring scalable, efficient and cost-effective solutions to market.”

The Bitso Shift infrastructure is set to offer easier, more affordable, and more secure access via stablecoins. Thus, expanding commercial opportunities for individuals and small businesses in Mexico.