Latin American cryptocurrency platform Bitso has partnered with Africhange, an African-Canadian remittance platform, to facilitate cross-border transactions with crypto from Canada to Mexico.
Africhange, which has more than 15,000 users in Canada, wants to support Mexican immigrants living in Canada with a safer, fastest and cheaper solution to send money to their home country.
It has turned to Bitso to help extend its coverage to enable remittances to be sent from Canada to anywhere in Mexico. Founded in 2014, Bitso has a community of more than five million with over 600 employees across 35 different countries and is an experienced platform in Latin America in the use of crypto for cross-border payments.
Mexicans are increasingly migrating to Canada. According to the latest report of the Institute of Mexicans Abroad (IME), in 2020 almost 130,000 Mexicans resided officially in the country. While Data Mexico reports that in the first quarter of 2022, Mexico received $146million in remittances from Canada.
Olatunji Obaoye, senior product manager at Africhange, says: “Our offering aims to support Mexican immigrants in Canada who need to send money back home as well as Mexican residents that rely on remittances from Canada. We do this by addressing some of the most pressing problems experienced when sending money back home: speed of transfer, cost of transfer and exchange rate.
“By leveraging the blockchain and partnering with Bitso – one of the biggest cryptocurrency platforms in Latin America, we aim to provide a cross-border exchange experience that’s seamless, cheap and fast.”
Carlos Lovera, partnerships and business development lead at Bitso, adds: “We are very happy to announce this partnership with Africhange which reinforces our commitment to bring useful crypto products to migrant communities, while confirming Bitso’s leadership in one of the most successful use cases of crypto technology: cross-border payments.
“It is exciting to support purpose-driven companies like Africhange to expand their mission to the Mexican market while achieving ours which is to make crypto useful.”
Africhange, which launched services in December 2020, is helping leverage blockchain technology to serve users in Canada. As an immigrant-founded company, the company says it understands that remittances sent back home plays an important role in people’s lives, and cutting transaction costs significantly helps recipient families.