infrastructure services company blockchain, Vesto allied itself with crypto platform Latamex to offer crypto solutions, or an entry and exit ramp between currencies and cryptocurrencies across Latin America.
Christopher McGregor, CEO of Westo, explained:
“We provide low-cost banking and financial services to everyone, and the growing pace of cryptocurrency adoption in Latin America presents an excellent opportunity. Thanks to the integration with Latamex, users will be able to convert cryptocurrencies to fiat money and process payments. You will get a better experience doing it.”
The alliance seeks to facilitate transactions between currencies and cryptocurrencies, as well as optimize remittances and other financial options for those without a bank. The forum will focus on Mexico, Argentina and Brazil.
Remittances are a competitive market in Mexico and Latin America. On 6 September, Bitso (with 5 million users) teamed up with the Africhange platform (with around 15,000 users in Canada) to facilitate crypto remittances to Mexico, allowing cross-border shipments from anywhere in Canada. .
The Battle Erupts for the Crypto Remittance Market in Latin America
With the alliance, Vesto and Latamex will allow their customers to earn rewards and transact across the protocol blockchain, Reduce shipping rates and times. Remittances are a major use case, especially from the United States to Mexico, reaching a record $51.6 billion in 2021.
In this regard, Jack Sarako, director of business development and alliances at Latemax, said:
“Latmax is the first portal fiat-crypto for Latin America, and our liquidity and compliance functions enable Vesto to go to market faster. We are pleased to partner with us to facilitate access to cryptocurrencies and their associated benefits, especially as inflation and devaluation of local currencies increase demand for cryptocurrencies. stable coins and cryptocurrency.
Vesto promises instant remittances, minimum deposit amount, instant liquidity, insurance options, secure wallet and linking of accounts to any bank wallet, noting that remittance charges are currently 6-7% of the total amount remitted .
Oscar Marquez-Meis, general director for Latin America at Vesto, said:
“The benefits of a more affordable, efficient and transparent remittance process are far-reaching. For many, remittances are a lifeline and will have a ripple effect as recipients put more of their hard earned money to spend in their local markets.
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