Latin Crypto Exchange Bitso Taps into Circle to Enable Seamless Mexico and US Crypto Transfers

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Mexico-based crypto exchange Bitso has reportedly established a working relationship with the operator of USD Coin (USDC), Circle, in the effort to launch a brand new cross-border payment tool that aims to render Mexico and United States crypto transfer more seamlessly.

This new collaborative tool between Bitso and Circle, called the “Bitso Shift,” reportedly utilizes cryptocurrencies to allow direct and budget-friendly cross-border payments at all times. This, in turn, enables instantaneous exchange between Mexican pesos and USD-backed stablecoins. In simpler terms, Bitso’s integration with Circle aims to provide Mexicans with a more accessible way to get their hands on USD while also promoting the transparency of the country’s underlying USD-based transactions.

Daniel Vogel, the co-founder of Bitso, stated that his firm feels incredibly excited to work with Circle in activating a more regulated yet low-cost offering that will support Mexico-based businesses and freelancers to thrive in the emerging digital asset industry. CEO of Circle, Jeremy Allaire, reportedly feels the same. He states that he sees this new development as an excellent opportunity for them to be involved in making cross-border exchanges more manageable.

As per the firm’s announcement, wire transfers to Bitso Shift will only take about a day or two to complete. In-app transactions between the stablecoins mentioned above, on the other hand, will take just a couple of seconds to be processed. Furthermore, the firm claims that no minimum balance amounts or transaction volumes will be implemented once the product officially launches.

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