Bitcoin exchange service
Mexican bitcoin exchange Bitso has been working with Canadian payments startup Paycase to create a new remittance corridor between the two countries.
In one instance, the firms said today, a fiat currency micropayment was sent from a Canadian bank to Paycase before it was transmitted to Bitso using bitcoin, before finally settling as fiat in a Mexican bank account. According to the startups, the entire process took roughly three minutes to complete.
Pablo Gonzalez, Bitso’s chief executive, said:
"We believe in the power of bitcoin as a rail to make financial services more competitive and create financial inclusion in markets such as Mexico."
While they did not provide an indication of when the service might go live, the two companies framed the work in the context of economic turbulence in North America.
Paycase CEO Joseph Weinberg said: "We believe this corridor becomes ever more critical to the stability of the North American market".
Remittances are an application of bitcoin technology that has seen broad interest since the digital currency's launch, with its borderless nature and underlying software driving the exploration of ways to more conveniently send funds from one country or region to another. Bitso and Paycase are said to have been exploring this area for the past year.
However, factors such as the cost of compliance and resistance toward the digital currency on the part of banking institutions has, in some instances, stymied momentum for bitcoin-based remittance services. At the same time, some firms in the space have advanced their platforms amidst a difficult regulatory environment.who management of severe acute malnutrition which science major is the easiest which system supports sales forecasting how many device can use hbo max which solutions conduct electricity from where designers buy fabric who solution definition where design interior which solution is the positive control why startup need funding how long london broil on grill how many device can use spotify premium where product key windows 10 when boot up where to launch nukes fallout 76 which entrepreneur has inspired you and why who project manager how many manager does nct have where to develop 35mm film cheap when london stock market open who set up a business in startup who ends up with who who system of government who devised the fundamental constitutions of carolina what business should i start quiz where to set up a trust fund how many device can airpod connect why business ethics is important what start up means which science is the hardest where does development occur how many product managers does amazon have where to watch business proposal kdrama which system of equations is consistent and dependent how many management are there startup who ends up with dalmi whose business is safeguarding when london bridge was built how road map startup capital why development matters when development proceeds in a stepwise fashion who is responsible for product quality when business is so good meme why solutions are important where to teach online how science works flowchart what technology was used to build the pyramids