CATEGORY: Back-Office Solution, Business Service Solution, Open Category
NAME: Eduardo Jr | Arenas Hernandez
APPLICANT TYPE: Company
Since the beginning of Bitcoin much has been said about its relevance and potential for international payments, specifically remittances. Even though we have seen developments in some corridors, most of the world’s remitters continue to send and receive money across borders through traditional rails.
In Bitso, we believe that technological innovation should not always involve a change in user experience for the consumer. Hence, we have decided to partner with established businesses in the remittance space and offer them our technological capabilities to liquidate Bitcoin for Mexican Pesos through our exchange. With such service, remittance companies and others with needs of currency exchange, can replace their traditional FX operations with better rates, great service, complete automation, and incredible speed by using Bitso and digital currencies.
In parallel, we are closing deals with important pay-out companies in Mexico to integrate them to our system. This integration would allow remittance companies in the US to programmatically interact through our tech platform that would provide exchange rate and last mile pay outs to every corner in Mexico. We believe our technology enables the industry to create unique, instant, and cost-effective transactions that are traceable from origin to payment.
The strategy we are pursuing benefits different players in the value chain. For traditional money transmitters in the US Bitso opens up new opportunities in the exchange rate space and could be a way of creating transactions that liquidate automatically on the MXN side. For US Bitcoin companies with money transmission licenses Bitso is creating a solid pay-out structure so that they can reach last mile in Mexico. For the MTs in Mexico, we are bringing new players to the space that can originate and settle remittances immediately. Last but not least, we will create a more competitive market for the consumers in both sides of the border.
At Bitso we are looking for partners to build a new generation of remittances. Join us!
Bitso has been up and running since 2014 with proprietary technology and a strong emphasis on Compliance and Regulation. We are the first and largest liquidity provider of Mexican pesos for digital currencies. Since late 2016, Bitso has devoted a full-time employee to serve the remittance industry to move value across borders in instant and cost-effective ways.
SOLUTION IS LIVE? Yes