Mexican cryptocurrency financial services company Bitso tripled its profits in 2022 compared to the previous year.
According to the company, this data would reflect the growing interest in using cryptocurrencies as a means of payment for remittances and international transfers in Latin America and the rest of the world – to the detriment of fiat money.
Bitso reported that its Crypto for Business service, a program that covers more than 1,500 businesses in Latin America, saw 73% growth last year alone.
Bitso claimed that around US$3.3 billion was moved between the United States and Mexico in 2022.
This amount of trade was mainly made by Bitso’s partner remittance companies and payment processors based in one or both countries.
Most of these remittances made through Bitso are in XRP and stablecoins.
“This shows that more and more businesses or institutions are turning to cryptocurrencies as a cross-border solution, given the speed and low cost that crypto technology offers,” Bitso said in a recent press release.
According to Bitso, even greater growth in cross-border transactions for cryptocurrency transfers is expected by 2023.
This growth would come from the strategic partnerships Bitso has formed with companies like Ripple, the issuer of the cryptocurrency XRP, that focus on cryptocurrency solutions for businesses.
“Through these alliances, more businesses can access crypto technology to move their funds instantly and at low cost too and from Mexico, and soon to more countries in Latin America,” the press release states.
Consequently, adopting cryptocurrencies and their native networks can provide a globalized advantage, making distances and borders irrelevant when sending money internationally.