Bitso, a partner of Ripple and the biggest cryptocurrency exchange in Latin America, has joined up with the top remittance company Félix Pago to enable cross-border settlements from the United States to Mexico. As a result of the partnership, users can easily transmit cryptocurrency-based payments from the United States to Mexico via WhatsApp.
Félix Pago, a 2022 startup, uses WhatsApp's chat remittance technology to let users send money overseas as quickly as they can send texts to their loved ones. The integration of WhatsApp by Félix Pago speeds up transaction completion to 45 seconds. Mexicans living in the United States, according to Félix Pago, utilize its chat remittance technology to send more than $500K each month in more than 2,000 transactions.
In a backend cryptocurrency provider, Félix Pago is now collaborating with Bitso to enable users to send U.S. dollars received as Mexican Pesos. Using Ripple's On-Demand Liquidity (ODL) service, Bitso will handle the currency exchange of US dollars into Mexican Pesos. Félix Pago stated that its relationship with Bitso will enable quick settlements and lower transaction costs by settling transactions in 45 seconds.