Why crypto money transfer companies are flocking to Mexico
Mexico has a booming crypto remittance market that has immense potential.
Analysis
Mexico is the second largest recipient of remittances in the world, according to 2021 World Bank statistics. Remittances to the country hit a record $5.3 billion in July, a 16.5% year-on-year increase from the same period last year. Steady growth presents myriad opportunities for fintech companies.
It's no surprise that many crypto companies are moving into Mexico to claim a share of the booming remittance market.
In the past year alone, around half a dozen crypto giants, including Coinbase, have set up operations in the country.
In February, Coinbase unveiled a crypto transfer service tailored to US-based customers looking to send crypto funds to Mexico. The product allowed recipients in Mexico to withdraw their money in pesos.
Other companies have since joined the foray. In August, Malaysia-based digital currency exchange Belfrics announced plans to open crypto transfer operations in Mexico. According to the released statement, the company will start by launching blockchain wallet and funds transfer service solutions.
Another notable company jostling for a share of the Mexican crypto money transfer market is Tether. In May, the crypto firm launched the MXNT stablecoin, which is pegged to the Mexican peso. According to the company, the backed digital currency will help customers manage volatility and use cryptocurrencies as a store of value.
In addition to new entrants, local Mexican crypto companies such as Bitso, which is one of the largest crypto exchanges in the Latin American nation, are already taking steps to increase their reach in an increasingly popular market. more competitive.
In November 2021, the Mexican firm
Mexico has a booming crypto remittance market that has immense potential.
Analysis
Mexico is the second largest recipient of remittances in the world, according to 2021 World Bank statistics. Remittances to the country hit a record $5.3 billion in July, a 16.5% year-on-year increase from the same period last year. Steady growth presents myriad opportunities for fintech companies.
It's no surprise that many crypto companies are moving into Mexico to claim a share of the booming remittance market.
In the past year alone, around half a dozen crypto giants, including Coinbase, have set up operations in the country.
In February, Coinbase unveiled a crypto transfer service tailored to US-based customers looking to send crypto funds to Mexico. The product allowed recipients in Mexico to withdraw their money in pesos.
Other companies have since joined the foray. In August, Malaysia-based digital currency exchange Belfrics announced plans to open crypto transfer operations in Mexico. According to the released statement, the company will start by launching blockchain wallet and funds transfer service solutions.
Another notable company jostling for a share of the Mexican crypto money transfer market is Tether. In May, the crypto firm launched the MXNT stablecoin, which is pegged to the Mexican peso. According to the company, the backed digital currency will help customers manage volatility and use cryptocurrencies as a store of value.
In addition to new entrants, local Mexican crypto companies such as Bitso, which is one of the largest crypto exchanges in the Latin American nation, are already taking steps to increase their reach in an increasingly popular market. more competitive.
In November 2021, the Mexican firm
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