Bitso Businessthe corporate services (B2B) unit of the crypto exchange Bitso, doubled its business in the last year: the volume of transactions grew 90% and exceeded US$12,000 million in operations.
The company provides digital infrastructure for cross-border payments and serves diverse industries such as e-commerce, OTC/trading, gaming and money transmitters.
When presenting its 2024 results, the firm detailed that this year that ends managed more than 10% of total remittances between the United States and Mexico, the largest remittance corridor in the world.
These transactions They represented more than US$6.5 billion ttransacted by Bitso Business in the year, exceeding the US$4.3 billion recorded in 2023 and the US$3.3 billion in 2022, consolidating accelerated growth in the remittance sector.
The announcement of the main operating results for 2024 was made within the framework of the launch of the study “Breaking Barriers: How blockchain technology and stablecoins are transforming cross-border payments in Latin America”, carried out by the international consulting firm Payments and Commerce Market Intelligence (PCMI)
The report addresses how blockchain technology and stablecoins are emerging rapidly as the preferred methods for global transfers of value, eliminate middlemen, reduce costs and increase speed of transactions.
According to this study, the global cross-border payments market, currently valued at US$44 trillion, will reach US$65 trillion in 2030.
Latin America and the Caribbean (LAC) stand out as the fastest growing region in remittances, with flows that have doubled in the last decade to reach US$156 billion in 2023, with Mexico being the second most important remittance corridor worldwide, representing 41%.
Additionally, this market in the LAC region has had an annual growth of 10% since 2014, well above the world rate of 4%.
Digital remittances in LAC are also expanding rapidly at a rate of 23% annually. Meanwhile, the region’s B2B cross-border payments market will more than doublegoing from US$600,000 million to US$1.37 trillion in 2030.
The obstacles facing the expansion of cross-border payments in Latam
“Despite this immense potential, cross-border payments in Latin America and the Caribbean continue to be hampered due to the inefficiencies of the traditional SWIFT-based correspondent banking system, characterized by multiple intermediaries, settlement delays and commissions exceeding 6% for remittances in some corridors. In fact, taking into account the average cost of sending remittances around the world, this It is one of the most expensive regions both for the commissions and for the remittances,” said Ignacio Carballo, Head of Alternative Finance at PCMI.
The stablecoins have emerged as promising alternatives to fully realize the potential of cross-border payments. Like traditional currency, they maintain their value, but they have a very important difference: stablecoins offer the possibility of eliminating intermediaries that add costs and delayssince they can be sent instantly via blockchain, work without interruptions, only require an internet connection, and are easily bought and sold.
“By enabling thousands of customers around the world to make local and international payments, Bitso Business has developed the capabilities to transform the movement of money across borders in four key areas: technology, ramps, liquidity and regulation. With this study, we want to help more companies unlock the full potential of stablecoins in cross-border payments and expand their business globally in the most efficient and transparent way,” says Gabriele Zuliani, Director of Bitso Business.
As hehe advantages of stablecoins are more widely recognized in different sectorsits application in cross-border payments is expected increase exponentially and that companies that expand their businesses to Latin America can enjoy profitable, transparent and fast international payments.
Working together, businesses and regulators can navigate this evolving landscape and adopt innovative solutions that can unlock the region’s full economic potential.
Argentina is one of the countries with the highest adoption of cryptocurrencies
Bitso is the leading crypto technology-driven financial services company in Latin America, with a community of more than 9 million customers.
Meanwhile, Bitso Business is the company’s B2B segment, with more than 1,900 institutional clients, and is dedicated to providing cross-border payments infrastructure to global businesses so they can pay and receive payments instantly in local currency and move money across borders seamlessly. efficient and transparent.
Founded in 2014 in Mexico, Bitso has more than 500 employees in 35 different countriesamong them Argentina, which became a key country in the region, since it is its second main market after Mexico. In the country it has almost 2 million users out of the total clients in the region, almost 25% of the total.
Argentina is considered as one of the countries with the highest adoption of cryptocurrencies in the world. But studies carried out by the main companies in the sector indicate that there are still 9 out of 10 people that never operated with cryptocurrencies and that is where companies like Bitso seek to continue scaling.
The B2P products and services (to people) offered by the platform include everything from a digital platform to obtain returns, make transfers and transfers between countries, to exchange and store a variety of over 50 cryptocurrenciesas well as crypto-powered products for businesses, including crypto transactions and international payments among others.
Source: Ambito
I am Pierce Boyd, a driven and ambitious professional working in the news industry. I have been writing for 24 Hours Worlds for over five years, specializing in sports section coverage. During my tenure at the publication, I have built an impressive portfolio of articles that has earned me a reputation as an experienced journalist and content creator.
