Digital Asset Firm Bitso Reportedly Facilitated $3.3B+ in Institutional Crypto Transfers Between Mexico and US Last Year

Bitso, the cryptocurrency-powered financial services company in Latin America, surpassed more than $3.3 billion in transactions between the United States and Mexico in 2022 through its Crypto 4 Business service, “mainly used by remittance and payment processors.”

This volume is triple the amount “processed by Bitso in 2021, which illustrates the growing business and institutional use of cryptocurrency as a cross-border payment solution, with companies leveraging the speed and low transaction costs of crypto technology.”

This milestone was “reached with Bitso’s strategic partners like leading enterprise blockchain and crypto solutions company, Ripple.”

Through the partnership, institutional clients are able “to move their funds to and from Mexico instantly and cost-effectively, with additional countries of operation to be announced soon.”

Aaron Sears, Managing Director of Americas at Ripple, said:

“Ripple has been committed since day one to solving real customer pain points through the use of crypto and blockchain technology. Our collaboration with Bitso allows us to continue delivering unparalleled cross-border payments into Mexico, a critical region for our customers. We are thrilled to see the significant growth of Bitso’s operations and are looking forward to continuing our partnership to bring crypto-enabled cross-border payments to more businesses throughout Latin America.” 

Santiago Alvarado, SVP of Product & Institutional Accounts, added:

“Last year alone we increased the number of companies and institutions that use Bitso’s financial services by 73% and we are excited to see the continued growth and impact of cryptocurrency for businesses and individuals alike. We will continue working as a key ally of companies seeking to move their money more efficiently, in the shortest time, and at the lowest cost.”

International transfers operated through Bitso “are primarily made using stablecoins or cryptocurrencies such as XRP, a digital asset that bridges two currencies to facilitate faster, more affordable cross-border transactions.”

As covered, Bitso claims it is “the leading cryptocurrency-powered financial services company in Latin America, with a community of more than 6 million clients and 1,500 institutional clients.”

Bitso offers “a wide range of products: from a secure and easy-to-use digital platform for earning returns, making international transfers and payments, to exchanging and storing a variety of more than 40 cryptocurrencies, as well as crypto-powered products for institutional clients, including crypto-investment and transactions, cross-border payments, cash management and Crypto-as-a-Service (CaaS).”

Founded in 2014, with over 500 employees in 35 different countries, Bitso is working to make crypto useful by “unlocking the power of borderless, secure and easy-to-use financial products. Bitso remains committed to empowering the region by providing universal access to the digital economy of the future and enabling a fairer monetary system.”

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