According to the Bitso platform, transfers using cryptocurrencies increased by 320 percent in six months. This was reported by El Heraldo de México on May 21st.
According to an article in this medium, In early November, weekly transfers of $ 10 million from the United States to Mexico were mobilized using the digital currency XRP. Then they stated that $ 42 million were shipped in the week of April 20-26This means that around 6 percent of all transfers that nationals sent to Mexico came from this platform.
“”The average weekly transfer volume in 2020 so far is $ 715 million.”, You stated in the publication.
Santiago Alvarado, director of cross-border payments at Bitso, said that the increase registered was exponential and that this is due to the fact that the process is more cost-effective for customers, in addition to the fact that the option offers a certain level of security.
Another point to note is the speed of transactions, which, unlike other systems, such as international bank transfers, that use the SWIFT network, takes minutes.
“”It can also lower the costs for the wire transfer industry, and while end users don’t realize that the process was done through cryptocurrencies, they can benefit from significantly lower prices and simplify the process, automated, digital, borderless and transparent, ”emphasized the article.
With that in mind, Alvarado commented, “This is very important to us as we started just seven months ago and will certainly grow a lot more to encourage these cryptocurrency use cases that everyone can access anywhere.”
How does the process work?
The Herald of Mexico explained how the operation is performed in the following ways:
- A user comes to the US with a money sender (companies like MoneyGram) to send their dollars to Mexico.
- The broadcaster requests a transfer order with a digital platform (switching center) in this country.
- The latter buys XRP cryptocurrencies with the dollars received and sends them to Mexico within seconds to Bitso’s wallet, which she sells on the market to deposit the money transmitter in pesos.
- The user collects his money in the country faster, easier and with lower commissions without knowing that his money was sent in this way.
Instructions: How do I send transfers using cryptocurrencies?
Cointelegraph in Spanish made a very detailed explanation of how to send transfers using cryptocurrencies. In this guide, authored by Ezio Rojas, you will learn more about:
- Size of the transfer market in the traditional market
- Benefits of using cryptocurrencies for transfers
- Send cryptocurrencies as transfers
- In the first step, select the cryptocurrencies to be sent
- The second step is to purchase a wallet in which you have the cryptocurrencies
- Third step, buy the cryptocurrencies
- Fourth step, send the cryptocurrencies
- Step five: sell cryptocurrencies
To access the instructions, click here.
You may be interested in: