Latin American Exchange Bitso Brings Crypto Remittance Service to Colombia

The Latin American crypto exchange Bitso launched a cryptocurrency remittance service in Colombia, the company said on Thursday.

The service – which will allow individuals and businesses to send and receive digital dollars – is the first crypto remittance product in Colombia to date, according to Bitso. For now, the feature will be available via the company’s website, with a mobile app soon to follow.

“These transactions are not affected by volatility at all,” said Emilio Pardo, country manager of Bitso in Colombia. “The price of the stablecoins that we use depends on the international currency market, with parity with the dollar, a great benefit to beat inflation.”

Bitso is seeking to mirror the crypto remittance service it launched in 2021 in Mexico, which processed $1 billion in the first half of 2022. The company hopes to double its volume of international transfers by year end – and to process $4 billion in 2023.

Remittances totaling $8.56 billion were sent to Colombia from abroad in 2021, an all-time record, El Tiempo newspaper reported.

Going in the other direction, Colombians sent remittances abroad totaling $380 million last year, up 52.4% from the 2020 level. Money sent to the U.S. was $103 million, up 102% year-over-year.