Donald Trump has been facing a lot of backlash over his idea to build a wall around Mexico to halt the remittances flowing from the US to this country. While it is evident Bitcoin can easily sneak around any artificial wall, Mexican Bitcoin startup Bitso raised US$1.85m to provide better remittance solutions.
Bitso Makes Trump Bite the Dust
Attacking the remittance payment industry is never a smart idea, and Donald Trump will come to that realization at some point in his life. Arguing how the remittance corridor between the US and Mexico needs to be shut down is not the smartest thing he has ever said, but there are plenty of solutions to solve this problem.
Bitso, a Bitcoin to Mexican Peso exchange, which uses the popular cryptocurrency to let Mexicans freely trade dollars and pesos in and out of Bitcoin. This is made possible due to the startup’s partnership with the Mexican Central Bank, which makes this conversion process a breeze. Ever since Donald Trump made his infamous statement, Bitso has seen an increasing demand for their services.
That is only normal, considering a lot of migrant Mexican workers in the US send money back to friends and family at home. However, they are forced to do using some of the most expensive remittance solutions in the world, as the average money transfer fee is 9.11%. It is important to keep in mind this number does not even include conversion costs, making traditional financial solutions a less-than-favorable solution to send money abroad.
Bitso CEO Pablo Gonzalez told the media:
“Mexico is home to the endpoint of the largest remittance corridor in the world, with a flow of over $25.4 billion in 2015. We believe that Mexicans should be able to send their money back home, and Bitcoin is fast becoming a cheaper and faster way to do that as our platform volume increases. We feel making money flow freely is a great innovation that should not be hindered by traditional currency wars”
As a result of this growing demand for Bitso services, the startup decided to raise additional funding on the BnkToTheFuture platform. So far, they have been quite successful, as slightly over US$1.85m has been raised for this campaign. BnkToTheFuture is a platform where everyone in the world can invest in Bitcoin and Ethereum projects and startups, in exchange for company equity [and future dividends].
There is a growing demand for Bitcoin remittance services around the world, and companies like Bitso can show the others how business should be conducted. After all, they are one of the very few Bitcoin companies with a direct integration to the bank clearing system, allowing the conversion and clearing of funds in mere seconds.
Source: Press Release Via Email
Header image courtesy of Bitso