Bitso and Circle Team Up for Instant Cross-Border Payments between Mexico and the US

Introducing Bitso Shift: Your New Payment Buddy

In an exciting twist for Mexicans living in the U.S. or the other way around, Bitso, Latin America’s cryptocurrency powerhouse, has joined forces with Circle, the operator of USD Coin (USDC). Their mission? To launch Bitso Shift, a snazzy new tool designed to make sending and receiving money across borders as easy as pie.

The Lowdown on Bitso Shift

Bitso Shift aims to transform the financial landscape by enabling instant and low-cost cross-border payments. Imagine being able to switch your pesos to USDC at lightning speed, 24/7! Instead of waiting days for a wire transfer (yawn), immigrants and families can now enjoy swift transactions without breaking the bank.

Why This Matters

According to the U.S. Department of Commerce, non-account holders can deposit up to $300 a day, but nobody wants to spend hours hopping through hoops when they just want to send money home. While traditional methods can be painfully slow, Bitso Shift swoops in like the hero we didn’t know we needed.

Regulatory Landscape: The Good, The Bad, and The Efficient

Bitso has asserted that transactions through Bitso Shift are processed in merely 24 to 48 hours—quite impressive for dealing with cross-border payments! Even those pesky regulation limits can’t hold this tool back. In Mexico, there are no restrictions on transferring U.S. dollars, making it easier for people to exchange currency without the bureaucratic headaches.

Circle’s CEO Weighs In

“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,”

The Bigger Picture: Supporting Mexican Freelancers

This collaboration isn’t just about convenience; it’s about empowerment. Bitso’s CEO, Daniel Vogel, shared insights into how this tool could help freelancers and businesses tackle some of the financial sector’s trickiest issues, paving the way for more robust economic participation.

The Growing Influence of Bitso

Founded back in 2014, Bitso has rapidly emerged as a leader in the cryptocurrency space, gaining backing from giants like Coinbase and Ripple. With the user base skyrocketing from 1 million in July 2020 to nearly 3 million by September 2021, it seems they are onto something big. Also, let’s not forget that Bitso serves as the primary crypto provider for El Salvador’s official Bitcoin wallet, Chivo.