The Latin American crypto exchange giant, Bitso, is forging an unprecedented alliance with Stellar’s Anchor Network, the maestro of crypto payment specialties. The collaboration aims to broaden the financial highway between Latin America and the wider universe, thereby fostering a global culture of seamless financial interaction.
Following the partnership with Stellar Development Foundation, Bitso reports having achieved a groundbreaking feat. With the rollout of a solution that allows businesses globally to trade in USDC across Argentina, Colombia, and Mexico, Bitso has created a firm bridge to local banking systems in these countries, ushering in an era of financial liberation. Santiago Alvarado, Bitso’s SVP of Institutional Product, praises this pioneering work, acknowledging the transformative potential of blockchain technology and crypto assets to elevate both international commerce and remittances by enhancing settlement times and substantially slashing costs.
Interestingly, this optimistic stance may find opposition from those weary of the volatility and regulatory ambiguity that encapsulate the crypto sphere. While we cannot refute that cryptocurrencies may offer quicker remittances and lower costs, they still have to vault the hurdles of market fluctuations and security vulnerabilities. Notably, as activities in crypto exchanges gain more traction, so does the attraction to cybercriminals interested in exploiting these platforms.
Adding fuel to the fire, Bitso reports a significant upsurge in its operations, handling around $3.3 billion in transactions within the Mexico-U.S. corridor. Remarkably, the crypto giant also experienced a 32% progression in total international transfers during 2022’s latter half. This revelation could further accentuate the critical perspectives pinpointing the possibility of crypto exchanges becoming hotbeds for money laundering, given their transnational operations’ sheer volume. Ensuring stringent internal security measures and robust regulatory oversight could thus be a counterbalancing act that dissipates these concerns.
Of course, Bitso’s incorporation of stellar network services creates an intriguing paradox between the global crypto community’s ambition for unbounded financial inclusion and the inherent challenges embedded within this fairly nascent digital universe. However, one thing is clear; the crypto train is gathering momentum, and with companies like Bitso pushing the boundaries, a stop does not seem likely. Willing or not, it seems we have all boarded the ride into the future of finance.
Source: Coindesk
