{"id":369190,"date":"2021-11-18T17:00:00","date_gmt":"2021-11-18T14:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitso-and-circle-work-on-crypto-payments-between-mexico-and-us\/"},"modified":"2021-11-18T17:00:00","modified_gmt":"2021-11-18T14:00:00","slug":"bitso-and-circle-work-on-crypto-payments-between-mexico-and-us","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitso-and-circle-work-on-crypto-payments-between-mexico-and-us\/","title":{"rendered":"# Bitso and Circle work on crypto payments between Mexico and US"},"content":{"rendered":"

“# Bitso and Circle work on crypto payments between Mexico and US <\/strong>”
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Bitso, a major Latin American cryptocurrency exchange, is collaborating with the USD Coin (USDC) stablecoin operator Circle to launch a new cross-border payment tool between Mexico and the United States.<\/p>\n

The company announced on Thursday that the integration with payment solutions from Circle aims to provide Mexicans with a new option for sending and receiving payments to or from the U.S.<\/p>\n

Called Bitso Shift, the new tool uses cryptocurrency to enable low-cost and instant cross-border payments available 24\/7, allowing users to instantly exchange between Mexican pesos and the United States dollar (USD)-backed stablecoins.<\/p>\n

The new offering intends to unlock easier and more affordable access to the USD for individuals in Mexico while increasig the transparency of USD transactions in the country.<\/p>\n

According to the U.S. Department of Commerce\u2019s International Trade Administration, Mexican citizens who are non-account holders are allowed to deposit<\/a> up to $300 daily, but no more than $1,500 per month. Account-holders can deposit no more than $4,000 monthly. At the same time, there are reportedly no regulations on the transfer of U.S. dollars into or out of Mexico.<\/p>\n

\u201cWire transfers to Bitso Shift are processed in twenty-four to forty-eight hours through fully regulated institutions,\u201d Bitso said in the announcement. The firm did not immedia<\/a>tely respond to Cointelegraph\u2019s request for comment.<\/p>\n

\u201cThe opportunity for Circle and USDC to be part of making cross-border exchanges seamless between the U.S. and Mexico \u2014 the world\u2019s largest exchange corridor \u2014 is tremendous,\u201d Circle co-founder and CEO Jeremy Allaire said.<\/p>\n

Related: <\/em><\/strong>Latin America stands to benefit most from crypto, says Uphold exec<\/em><\/strong><\/p>\n

Bitso co-founder and CEO Daniel Vogel noted that the new offering aims to support Mexican freelancers and businesses by addressing some of the \u201cfinancial sector\u2019s most pressing problems.\u201d<\/p>\n

Founded in 2014, Bitso is one of the biggest cryptocurrency platforms in Latin America, backed by large crypto companies like the U.S. crypto exchange Coinbase and Ripple. Bitso is the core crypto service provider for El Salvador\u2019s official Bitcoin (BTC) wallet, known as Chivo. The exchange\u2019s user base almost trip<\/a>led from 1 million in July 2020 to nearly 3 million users by September 2021.<\/p>\n