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Bitso Integrates Stellar's Anchor Network to Enhance Latin American Payment Corridor

Updated: Jul 20, 2023

Bitso integrates Stellar Network in Latin America
Image source: iStock

BOGATÁ, CO – Bitso, a prominent cryptocurrency exchange in Latin America, has joined forces with Stellar's Anchor Network, a crypto payment specialist, in a strategic move to bolster the payments corridor connecting Latin America with the rest of the world. This integration aims to facilitate seamless transactions and foster increased financial inclusion in the region.

Stellar's Anchor Network

In an official statement, Bitso revealed that it has collaborated closely with the Stellar Development Foundation to develop a groundbreaking solution. The partnership seeks to empower businesses worldwide to engage in transactions using USD Coin (USDC) within Argentina, Colombia, and Mexico. Bitso's direct connection to local banking systems in these countries ensures swift and secure cross-border transfers.

The move comes as no surprise, considering Bitso's remarkable performance in facilitating transactions between Mexico and the United States. The company has successfully processed an impressive $3.3 billion worth of transactions between these two nations, reflecting the growing popularity and adoption of cryptocurrencies for cross-border remittances.

International Transfers Increasing

Notably, Bitso has also witnessed a significant surge in international transfers during the latter half of 2022. The company reported a remarkable 32% increase in total international transfers, demonstrating the growing demand for efficient and cost-effective global payment solutions.

By integrating with Stellar's Anchor Network, Bitso aims to leverage the robust infrastructure and technology provided by the Stellar blockchain. This collaboration will streamline the payment process, enhance transaction security, and reduce the associated costs, benefiting both individual users and businesses.

Financial Inclusivity

Bitso's decision to partner with Stellar aligns with the exchange's long-term vision of fostering financial inclusivity and expanding access to digital assets across Latin America. This strategic move serves as a crucial step towards bridging the gap between the region and the global crypto ecosystem.

The Stellar Development Foundation, known for its commitment to creating an open financial system, welcomes this collaboration as an opportunity to empower Latin American businesses and individuals. Stellar's Anchor Network offers a gateway for Bitso's customers to seamlessly engage with the broader Stellar ecosystem, opening up new possibilities for cross-border payments and decentralized finance (DeFi) solutions.

With this integration, Bitso positions itself as a leading facilitator of crypto transactions in Latin America. The partnership with Stellar's Anchor Network provides the exchange with a competitive edge, enabling it to better serve its customers and attract new users from around the world.



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