Bitso, the leading cryptocurrency platform in Latin America with over 6 million customers, has announced its partnership with chat-based remittance provider Félix Pago, to enable cheap, fast, and intuitive remittance payments from the United States to Mexico. Through Félix Pago’s WhatsApp integration, users can send funds internationally just as easily as they would send a text message, taking only 45 seconds for the transaction to be sent with real-time settlement. Since launching in June 2022, Félix Pago sends more than $500,000 monthly and has experienced 60% monthly growth.
The Bank of Mexico reported that between January and August 2022, residents in the country received more than $37.9 million in remittances, a significant increase from the $32.9 million reported during the same period in 2021. Remittance inflow to Mexico is steadily increasing at an annual rate of 15.2%, and cryptocurrency’s fast settlement and low transaction costs make it the ideal replacement for expensive and slow traditional financial methods like wire transfers.
However, cryptocurrency platforms have historically confused and intimidated many. This is why Bitso, in its mission to make crypto useful, is providing solutions to platforms like Felix Pago, a company enabling simple crypto transactions by incorporating the payments in an application used by roughly 74 million Mexicans.
“We are very excited to join forces with Bitso, the largest crypto company in Latin America, to enable this essential service for Mexican families,” said Bernardo García, Felix Pago co-founder. “We’ve chosen Bitso to facilitate these payments due to their reputation and expertise as a regulated, transparent company successfully conducting cross-border crypto payments for millions of users.”
“It’s very important to us that we continue developing use cases with innovative companies who rely on our crypto-based institutional services to support their goals and offer a better product to their clients,” said Carlos Lovera, Development Leader of Bitso Business. “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.”
Bitso and Félix Pago plan to continually increase the proportion of remittances that are sent through cryptocurrencies, exemplifying the imminent positive impact that crypto can have on people’s lives. While this partnership is specifically tailored to families in Mexico, the companies anticipate expanding to other countries throughout Latin America. Since the region received a record $127.6 billion in remittances in 2021, experiencing an annual growth rate of 26% (the highest in two decades), Bitso and Félix Pago’s work to improve remittances will greatly benefit the region at large.
About Bitso
Bitso is the leading Latin American crypto-first platform with a community of over 6 million users. The company offers three main products: the Bitso App for new or experienced cryptocurrency users to buy, sell, send, or receive crypto in a simple and intuitive way; Bitso Alpha, a professional-grade crypto trading platform; and Bitso Business, a suite of cross-border products that enable businesses to thrive in a global digital economy. Bitso is one of the few crypto exchanges, and the only one in Latin America, to obtain a Distributed Ledger Technology (DLT) license from the Gibraltar Financial Services Commission (GFSC), a sovereign agency that has developed one of the most advanced frameworks for regulating cryptocurrency trading.
Founded in 2014, with over 600 employees across 35 different countries, Bitso is working to make crypto useful by liberating the world from traditional financial players and redefining money.
To learn more about Bitso, visit bitso.com