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The Mexican exchange for bitcoin (BTC) and other cryptocurrencies, Bitso, announced a new product for Colombians. This will allow them to receive and send remittances in stable cryptocurrencies or stablecoins to and from the United States.
According to exchange data, the initiative is driven by the increase in the transfer of assets from Colombia abroad by 24%, which represents about USD 7 million.
For its part, the United States has become the “largest recipient of fund transfers sent from Colombia,” says the exchange. Last year More than USD 103 million were transferredwith a growth of 102% compared to 2020, Bitso exposed in a statement sent to the editorial office of CriptoNoticias.
“We are very excited to launch this service in the country. Our main objective is to make cryptocurrencies useful, and this brings great benefits so that Colombians can use their digital money safely and reliably,” said Emilio Pardo, general director of Bitso in Colombia.
This Bitso service may also be used by providers of cross-border asset transfers. The first country in which this product was put into operation was in Mexico, as reported by CriptoNoticias.
Although the company does not explain which stablecoin will be used for remittances, in the case of Mexico they use USD Coin (USDC), so in Colombia it is possible that it is the same digital currency whose value is linked to the US dollar.
Bitso expansion in Colombia
This initiative is part of the expansion that the exchange has carried out since its arrival in Colombia last May, a fact reported by this medium.
Just a month ago, the exchange also launched a feature that allows its users in Colombia to obtain returns for their bitcoins and stablecoins. Bitso+ is the name of the tool that will grant annual returns of 6% for bitcoin and 15% for the stablecoin tether (USDT), all without additional charges or withdrawal blocks.
This Bitso feature will automatically appear in the latest version of the exchange app. Bliss tool has already been launched in Mexico, Argentina and Brazil.