The latest initiative comes a year after Latin America's giant fired up a similar service in Mexico.
Bitso, a Mexican-based cryptocurrency exchange, has recently announced that it would be rolling out its crypto services in Colombia for individuals and various organizations, making the company the first in the Colombian market to provide such services.
According to the official announcement issued on July 7th, Colombians will now have the ability to send and receive digital dollars through blockchain technology that will ensure more security and faster transactions. Emilio Pardo, country manager of Bitso in Columbia, added:
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is Monero? XMR Animated Explainer
“These transactions are not affected by volatility at all. The price of the stablecoins that we use depends on the international currency market, with parity with the dollar, a great benefit to beat inflation.”
On top of that, the service will also be beneficial in reducing transaction costs and providing greater automation and digitization.
Bitso, specializing in blockchain, cryptocurrencies, and financial technology, is the leading crypto platform in Latin America founded back in 2014 by Ben Peters, Pablo Gonzalez, and Daniel Vogel. The company currently has over 5 million users.
With its latest initiative, Bitso is planning to double the volume of international transfers by the end of 2022 and process $4B next year.
As stated by Bitso, until the in-app product is fully developed, users can carry out transfers using its website.
In fact, the news comes after the crypto exchange fired up Circle’s payment system in Mexico back in 2021 to allow residents in the country to make deposits and withdrawals through domestic wire transfers. On top of that, Mexicans are now able to perform payments to the United States or Mexico, in addition to converting Mexican pesos to US dollar-backed stablecoins.
