Latest news with #BitsoBusiness
Yahoo
7 days ago
- Business
- Yahoo
XDC Network, Bitso Business tie up to support US-Mexico remittances
The XDC Network has joined forces with Bitso Business to establish a blockchain remittance corridor aimed at enhancing payment transactions between the US and Mexico. The initiative is expected to utilise blockchain technology to facilitate 'near-instant payments'. This collaboration integrates the XDC Network's ISO 20022-compatible blockchain infrastructure with Bitso Business' fiat conversion services in Latin America. The remittance corridor is designed to offer a alternative to conventional payment methods in the region. The partnership aims to offer low cost remittances, with transactions settling in mere seconds at 'minimal' fees, the company said. It also supports multiple currencies, enabling swift USD to MXN conversions through Bitso's liquidity channels in Latin America. The service is tailored for SMEs, fintechs, and institutions that require efficient payment solutions for international suppliers or payroll. Conforming to ISO 20022-compliant messaging standards, the payment rail is compatible with existing banking systems and regulated entities, in line with XDC's objective to enhance adoption in emerging markets. With over ten years of operational experience, Bitso's APIs and regulatory connections across Latin America expected to add 'interoperability' to the XDC Network. XDC Network Ecosystem Development Amitava Mandal said: "This partnership with Bitso Business marks a major leap toward our mission of bridging traditional finance with blockchain efficiency. Together, we're delivering faster, fairer cross-border transfers that solve real-world challenges in global remittances and SME trade." The XDC Network is an EVM-compatible blockchain focused on tokenising real-world assets, digitising trade finance, and providing infrastructure for cross-border settlements. Bitso Business, meanwhile, offers services including Pay-ins and Payouts in Latin America, Cross-Border payments, as well as Trading and OTC services. "XDC Network, Bitso Business tie up to support US-Mexico remittances " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
27-03-2025
- Business
- Yahoo
Crypto Exchange Bitso Launches Stablecoin Business, Eyeing LatAm Cross-Border Payments
Bitso, a crypto exchange focusing on Latin America, is entering the increasingly attractive stablecoin market as global adoption accelerates. The company's business development unit, Bitso Business, has established Juno, a subsidiary dedicated to issuing and managing digital assets including stablecoins. Bitso Business also recently appointed Ben Reid as head of stablecoins to drive the firm's ambition in the stablecoin market. The first token Juno issues is a fully-backed Mexican peso stablecoin (MXNB), aiming to facilitate cross-border payments and financial transactions between businesses across the region. The firm deployed the token on Ethereum layer-2 Arbitrum. Stablecoins, now a nearly $230 billion asset class, have been one of the biggest success stories in crypto adoption. With prices pegged to an external asset, predominantly to fiat currencies like the U.S. dollar, they offer a cheaper and faster alternative to traditional financial rails for payments, remittances, savings and currency conversion. They are especially popular in developing countries with large unbanked populations or fragile local currencies. Meanwhile, regulations around the world are being laid down or advanced to fit stablecoins into the global financial system. "Global companies face significant monetary challenges when it comes to serving customers in new markets and conducting cross-border payments, including high intermediary costs and inefficient transaction times," Bitso's Reid in a statement. "Stablecoins provide a fast, cost-effective and transparent fiat-pegged alternative and have been instrumental in expanding access to foreign markets and transforming payments worldwide. "Juno's new MXNB stablecoin will help "global companies to do business in Latin America in a more efficient way," he added. To support adoption of its stablecoin, Juno has rolled out the Juno Mint Platform, which provides APIs and tools for businesses to issue, redeem and convert MXNB. The service also enables fiat on- and off-ramps with Mexico's SPEI banking system and stablecoin-to-stablecoin currency exchange.
