Latin America: Bitso Introduces eFX with Crypto Service Enabling Instant Global Transactions

Bitso —the financial services company powered by crypto in Latin America— announced the launch of its new eFX with Crypto service, which allows companies “to carry out immediate international transactions, in a regulated manner, with greater savings and security and without the need of a subsidiary.”

Combining the requirements for registering foreign exchange transactions with the benefits of stablecoins, the modality emerges “as a new solution for international companies to expand their business to Brazil, complying with local regulations and with lower costs and more speed.”

One of the biggest differentiators of the solution is “the delivery of the value on the same day that the customer carries out the transaction, which can reduce shipping time by 50% to 75%.”

In recent years, Brazil has remained in “the top ten positions of the Global Cryptocurrency Adoption Index, and is first in Latin America for diversification in the use of digital currencies and for the use of stable currencies as a payment method. According to Brazilian government data, Tether (USDT) usage has had almost double the transaction volume of bitcoin, surpassing US$55 billion since 2019.”

Digital services institutions have turned to stablecoins to expand their global reach, but face challenges in dealing “with different local regulations around the world. Brazilian legislation has a series of particularities and many operations depend on exchange rate registration.”

The new eFX with Crypto solution, in addition “to simplifying the purchase of digital assets abroad and enabling the collection of Brazilian Reals for international payments, offers an innovative way of unifying remittances through API, offering international companies efficient technology to meet their needs exchange rates in Brazil and in a more economical way than traditional options.”

Thales Freitas, CEO of Bitso Brasil, said:

“We have seen that more and more companies are choosing to pay their employees and suppliers in stablecoins, especially in new sectors such as the digital economy. Many businesses have replaced traditional bank accounts with electronic wallets that allow them to speed up international payments and manage cash flows in different currencies. We are very happy to be able to create an innovative solution that simplifies these processes for companies and helps create greater development opportunities for the Brazilian market.”

Some of the main benefits of the eFX solution “with crypto will be the possibility of making cross-border payments instantly, the reduction of transaction costs, the security and traceability of cryptocurrencies, the ease of using API technology, and the guarantee of operating in compliance with local regulations.”

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