• Bitso partners with WhatsAp-based remittance provider Felix Pagos to allow cross-border remittance between Mexico and the U.S. 
• Stellar-based USDC supported by Bitso makes the remittance solution possible and easy to use. 

Cryptocurrency exchange Bitso continues to expand its reach and ease of use in the Latin American market. The Stellar blockchain partner announced a partnership with Felix Pagos in order to offer WhatsApp-integrated remittances between Mexico and the U.S.

News outlet El Economists reports that the partnership will allow Mexicans in the U.S. to send cryptocurrency back home over WhatsApp. Bitso and Felix Pagos also intend to expand the offering to other Latin American markets.

Felix Pagos’ key offering, which is “chat remittance technology,” makes the service possible. The platform, launched in June this year, allows users to perform transactions the same way they send messages over WhatsApp. Partnering with Bitso makes transactions much faster with proof of settlement on the instant messenger app provided in real-time.

Bernardo García, a co-founder of Félix Pago, said in a statement that the company chose to partner with Bitso because of its reputation. The exchange ranks high as a transparent and regulated company, he notes. He also praised the exchange’s experience in making cross-border crypto payments for millions of users.

We have chosen Bitso to facilitate these payments due to its reputation and experience as a transparent and regulated company that successfully makes cross-border crypto payments for millions of users,

The companies both maintain that the Mexico-U.S. remittance corridor is a key global remittance market in Latin America. Bloomberg reports that in Oct., the corridor recorded $5.36 billion sent by Mexicans living in the U.S. Similarly, crypto saw massive popularity gains, making the partnership a no-brainer.

Garcia commented that the partnership enables users to send stablecoins that are not prone to volatility through WhatsApp. The ease of use will also attract users that have been stumped by the complexity of navigating crypto exchanges.n

Stellar will be powering Bitso’s back end

The Stellar blockchain stands to benefit indirectly from the partnership between the companies. This is because the payments-focused blockchain powers Bitso’s cross-border crypto services.

In a case study, Stellar blockchain explains that the founders of Felix solved the remittance riddle after discovering USD Coin (USDC). The fully reserved dollar-pegged stablecoin is issued by Circle on the Stellar network. With Bitso as the back-end liquidity provider and bridge, Felix users can receive U.S. dollar remittances as Mexican pesos.

Meanwhile, Felix has recorded a growth of 60 percent per month since its launch. The company already sends more than half a million dollars per month in more than 2,000 transactions.