Top Latin American crypto exchange Bitso is collaborating with Africhange, an African-Canadian remittance platform that aims to enable payments cross-border from Canada to Mexico.
According to a corporate statement, Africhange first focused on transfers between Canada and Nigeria – having processed around CAD 70 million. With the agreement in place, Africhange will now allow transfers between Canada and Mexico by leveraging Bitso for remittances.
Bitso notes that approximately 130,000 Mexicans officially reside in Canada and more are migrating to the country due to the better job prospects. In the first quarter of 2022, Mexico received CAD 146 million in remittances from Canada.
Olatunji Obaoye, Senior Product Manager at Africhange said they will support Mexicans sending money home from Canada by offering a low cost, speedy transfer in partnership with Bitso.
“By powering blockchain and teaming up with Bitso – one of the largest cryptocurrency platforms in Latin America, we want to provide a seamless, affordable and fast cross-border trading experience.”
Carlos Lovera, Head of Partnerships and Business Development at Bitso, said they are very pleased with the partnership and the collaboration confirms “Bitso’s leadership in one of the most successful use cases of crypto technology: cross-border payments.”
“It is exciting to support companies with a purpose like Africhange that want to expand their mission to the Mexican market, while achieving ours, which is to make crypto useful.”
Bitso states that in 2021, Mexico was the second largest recipient of remittances in the world, according to a World Bank report. These remittances represent one of the main sources of foreign currency for the Mexican economy, representing 4% of the Gross Domestic Product (GDP), according to data from the Bank of Mexico.