Latin American Fintech Bitso says it facilitated USD $8 billion in payments during 2023.
Bitso said this represents a 60% increase versus 2020. The company claims that it provides services to more than 1700 companies leveraging blockchain technology to provide global transfers, payouts, and other payments.
Bitso said it benefited from an increase in cross-border transfers between Mexico and the USA, delivering $4.3 billion, topping the $3.3 billion it enabled in 2022.
The additional growth came from its services that provide global payments between countries.
Bitso noted that it has integrated Stellar for transactions between Latin America and Europe.
The company also reports that in the past couple of weeks, it announced the new eFX, a crypto service that allows businesses to carry out transactions with Brazil in stablecoins without the need for a local subsidiary and in compliance with local regulations. eFX claims to power instantaneous transactions.
Santiago Alvarado, General Manager of Bitso Business, said their ambition is to build the infrastructure for the future of money for companies around the world.
“We are very optimistic about the future of our institutional business, thanks to our regulatory strength, guaranteed liquidity and our connection with direct rails to the local financial systems of the countries where we operate. Because of this and in combination with the power of blockchain technology, we are confident that we will continue to consolidate in the region.”
Bitso expects to expand its services and the number of institutional customers in 2024.
In 2024, Bitso will continue to increase the offer of business services to serve more institutional clients and provide technological options that solve different financial needs and help drive the expansion of Latin American businesses and connect them with the rest of the world.