By
Bena Ilyas
April 18th, 2024
The figure represents a 400 percent spike in Bitso growth compared to the same time last year.
Bitso, a crypto exchange focused on the South American market, announced that it processed $1 billion YDT in Mexico and United States remittances. Reportedly, the figure represents a 400 percent spike in Bitso growth compared to the same time last year.
Forward, the company anticipates processing approximately $2 billion in remittances to Mexico, this year alone.
“There’s no doubt that the Mexico-US corridor is an extremely important market for us. Many people within that corridor depend on remittances to meet their basic needs and this drives our commitment to bring these cross-border payment services to other countries where we operate,” said a statement from Carlos Lovera, Bitso’s business development leader.
Bitso and the Market Outlook
Bitso has grown to one of the crypto unicorns in the South American market. Worth noting, that the company announced that it processed approximately 4 percent of the Mexico remittances in Q1 2022.
According to Bitso, it projects to process around 10 percent of the Mexico remittances next year.
“When we started the company, we talked about the potential for crypto to be used for remittances and I was dreaming about a world where Bitso could process 1% of the remittances from the US to Mexico,” Bitso CEO Daniel Vogel previously noted.
The Mexican remittances are so huge that every crypto-related firm wants a share. Remember companies like Ripple are working hard to gain control. Moreover, Mexico plays a critical role in connecting the North American market to that in the south.
According to the company’s statistics, Bitso has over 4 million users. Additionally, the company has enabled 9,123,180 payments in local currency. Thereby making its services a critical structure in the greater American market.
Furthermore, the company has made 7,010,222 payments using crypto.
Out of the thousands of crypto assets in the market, Bitso currently supports Bitcoin and 34 other digital assets.
The crypto market has been on a decline in the past few months. It has compelled most crypto-related companies to lay off some of their employees. Bitso was not spared in this. Last month, the company laid off 80 employees despite listing new positions.
Side Notes
The Mexico crypto market is expected to grow based on its geographical position. As a result, Bitso aims to stay among the top crypto exchanges in the region.
To keep winning, the company has made notable partnerships in the past. Among them is the partnership with Circle, the USDC stablecoin issuer. Additionally, the company has partnered with Tribal Credit to launch a cross-border B2B payment option.