The leading cryptocurrency exchange Bitso has signed a partnership agreement with Everest
Bob Reed, CEO of Everest, spoke in more detail about this initiative, stating that users can add funds to the payment application directly from their bank accounts.
According to the partners, the funds will first be converted into credit tokens (CRDT). After that, users will be able to convert CRDT into cryptocurrencies such as XRP, bitcoins (BTC) and stablecoins, which can be sent directly from the USA, Singapore and Europe to Mexico.
Cryptocurrency assets can be converted into Mexican pesos, and fiat money can be withdrawn to any local bank account in Mexico.
Santiago Alvarado, Bitso's senior vice president of products, said the company's partnership with Everest will strengthen its commitment to making cryptocurrency useful for cross-border payments.
He added:
Everest customers in different countries who want to send money to Mexico will be able to do it instantly and economically using Bitso infrastructure and Blockchain technology.
According to a World Bank study, the Mexico-USA corridor is considered the second largest cross-border corridor. In 2021 alone, cross-border money transfers exceeded $54 billion, making international settlements an important aspect of Mexico's economy.
However, conducting cross-border settlements using fiat is more expensive than cryptocurrency. It is noteworthy that users must pay up to 12% of any amount they intend to send abroad. Interestingly, the announcement adds that users will pay only 3% commissions for cryptocurrencies.
Everest customers are provided with instant banking rails for US Dollars, Singapore Dollars, Euros, XRP and stablecoins. The company's partnership with Bitso will allow customers to receive cross-border payments in Mexican pesos.
Reid added:
As we continue to expand our offerings to better serve users in more than 40 countries of our presence, the natural next step was the ability to quickly convert cryptocurrencies into Mexican pesos.
https://coin-signal.com/cryptonews/the-leading-cryptocurrency-exchange-bitso-has-signed-a-partnership-agreement-with-everest/
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