Crypto platform Bitso has partnered with Félix Pago to offer a service to enable remittances from the United States to Mexico.
Bitso is a leading crypto exchange in Latin America operating in Brazil, Colombia, Argentina and Mexico. Félix Pago is a provider of “chat remittance technology.” The partnership aims to provide an inexpensive and fast service to move money for its users.
Bitso notes that the value of remittances from January to August 2022 stood at $37,934 million – an increase versus year prior.
Bernardo García, co-founder of Félix Pago, said they are excited to partner with Bitso to provide this “essential service” for Mexican families.
“We have chosen Bitso to facilitate these payments due to its reputation and experience as a transparent and regulated company that successfully makes cross-border payments with crypto for millions of users.”
Launched in 2022, Félix Pago reports month over month growth of 60%. It service works via WhatsApp, a popular messaging service for Mexicans in the US. By using Félix Pago, the money can be sent as easily as sending a text message with settlement in real-time. The company states that it already sends more than half a million dollars monthly in more than 2,000 transactions.
Bitso says it is important to continue to work with innovative firms like Félix Pago.
“…we continue to promote that remittances are extremely easy, cheap and fast to send, and we show that cryptocurrencies are capable of solving real problems and bringing direct benefits to people,” said Carlos Lovera, Bitso’s Business Development Leader.
The long term objective is to extend the partnership to other countries in Latin America, a region that during 2021, received a record $127.6 billion in remittances, assuming an annual growth of 26%.