Bitso and Circle to work on crypto payments from the US to Mexico

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1 minute read

What

Latin American crypto exchange Bitso and USDC stablecoin operator Circle are set to launch a cross-border payment tool between the US and Mexico.

Why

Named Bitso Shift, the tool is intended to make payments like remittances between the two countries quicker and cheaper.

What next

The tool will make it more affordable, especially for individuals in Mexico, while increasing the transparency of USD transactions.

The story

Bitso, the Latin American cryptocurrency service provider behind El Salvador’s official Bitcoin wallet has teamed up with USDC operator Circle to make payments between the US and Mexico.

Together, the two companies have created a payments tool called Bitso Shift that is intended to make cryptocurrency payments between the US and Mexico faster and more affordable. Users will be able to exchange between the Mexican peso and the United States dollar (USD)-backed stablecoins.

“The opportunity for Circle and USDC to be part of making cross-border exchanges seamless between the U.S. and Mexico — the world’s largest exchange corridor — is tremendous,” said Jeremy Allaire, Circle co-founder and CEO.

This will be especially useful for Mexicans wanting to send remittances from the US, as Mexicans working across the border currently have strict limits. According to the U.S. Department of Commerce’s International Trade Administration, Mexicans that are non-account holders are allowed to deposit no more than $1,500 a month, while those who do hold an account cannot exceed a $4,000 limit.

To learn more about stablecoins, check out this quick explainer.

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Team Luno

On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @LunoGlobal.

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