Latin American crypto exchange Bitso processed $1 billion in crypto remittances between Mexico and the U.S. in the first half of 2022, a 400% increase compared to the same period last year. andresengler reports
Latin American crypto exchange Bitso processed $1 billion in crypto remittances between Mexico and the U.S. in the first half of 2022, the company announced Thursday.
The amount represents 400% growth compared to the first six months of 2021, the company said, adding that it hopes to process $2 billion in global remittances to Mexico alone in 2022. “There’s no doubt that the Mexico-United States corridor is an extremely important market for us. Many people within that corridor depend on remittances to meet their basic needs and this drives our commitment to bring these cross-border payment services to other countries where we operate,” Bitso Business Development Leader Carlos Lovera said in a statement.
Bitso processed 4% of global remittances sent to Mexico in the first quarter of 2022, according to the company, which added that it hopes to reach 10% of the market by 2023. “When we started the company, we talked about the potential for crypto to be used for remittances and I was dreaming about a world where Bitso could process 1% of the remittances from the U.S. to Mexico,”
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