BitNexo is connecting Chile [Latin America] and China [Asia] via the leading cryptocurrency Bitcoin. The startup focused on the remittance market uses the digital currency to transmit the money, without requiring the customers to engage with the volatility risk. Bitcoin operates only as a payment channel and transmits the money to the required bank accounts.
BitNexo CEO Darren Camas had said in an interview with Nicolas Bry,
“As we’re currently working between China and Latin America [a client] could be a small electronics exporter from China selling goods to Mexico, or a boutique Chilean winery importing to Shanghai.”
The decision to operate between the two nations is not an arbitrary one. Both the founders Hector Garcia and Darren Camas have deep knowledge of the markets, with the former being a Chilean entrepreneur.
The startup also has expansion in mind. This year may also see BitNexo launch their service for Mexico and Philippines.
More than $26 billion in payments is transferred between China and China as there is a huge number of small- and mid-sized businesses operating internationally between the two