Bitso Stock

Latin American fintech Bitso reported facilitating USD $8 billion in payments during 2023, a 60% increase compared to 2020. Bitso, which provides services to over 1700 companies and leverages blockchain technology for global transfers and payouts, benefited from an increase in cross-border transfers between Mexico and the USA, delivering $4.3 billion. The firm plans to expand its services and customer base in 2024.

Bitso, a leading financial services company powered by cryptocurrency in Latin America, has announced plans to expand its business solutions with the launch of International Payments. This suite of products will enable companies to send and receive payments in cryptocurrency, stablecoins and local currencies, fostering cross-border trade and investment.

The remittance market in Latin America, estimated at $130 billion, could be reshaped by cryptocurrency. Despite initial skepticism surrounding crypto adoption, significant growth has been seen, with Mexican crypto exchange Bitso processing $3.3 billion in remittances from the U.S. to Mexico last year. CEO Daniel Vogel cites clear regulation and global liquidity in crypto markets as growth drivers. However, challenges persist, including the need for U.S. users to find a crypto on-ramp and volatility in preferred cryptocurrencies for remittances.